China may be the second-largest economy in the world, but when it comes to buying residential real estate in the United States, it's No 1.
Foreign purchases jumped to 35% last year, and Chinese customers led the way with $22 billion out of the $92.2 billion total spent by foreign buyers in the US real estate market, according to a report by the National Association of Realtors (NAR).
From April 2012-March 2013, Chinese customers spent approximately $12.8 billion in the US market, according to the NAR, and the previous year foreign buyers spent $68.2 billion on US real estate.
The NAR said that among the hot areas for Chinese buyers are Irvine, California, and Los Angeles' San Gabriel Valley, home to several Asian-immigrant communities.
Chinese buyers tend to target higher-priced markets, such as California, Washington, and New York, according to the NAR's report.