Dive Brief:
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A new visa deal that allows Chinese nationals and students to stay in the U.S. longer could result in more home sales to the long-term visitors.
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President Obama signed a deal last week that extends student and exchange visas from one to five years and short-term business and tourist visas from one to 10 years.
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The CEO of a Chinese company that helps broker real estate deals in the U.S. told National Mortgage Professional magazine that he has already seen an increase in inquiries from Chinese executives who would like to move to the U.S. so their children can go to school here
Dive Insight:
Chinese buyers have invested more money in U.S. real estate than foreign investors from any other foreign country, the National Association of Realtors said in July. Many of them are wealthy and pay cash for homes in large cities like Los Angeles and New York. The Chinese housing market has also been precarious for while, adding incentive for the country's wealthiest to buy homes elsewhere.