Queens, the new Chinese investment hot spot?

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Brokers in the Queens borough of New York City say that Chinese buyers are starting to represent a greater percentage of those purchasing homes in the district, a CNBC article reports.

The uptick of Chinese homebuying in Queens doesn’t mean there are many more residents; most Chinese buyers in Queens are using the properties as investments for rental income.

New York City as a whole is receiving more interest from China, CNBC noted, citing numbers from the China-based international home search site Juwai. In May, New York City had the most searches on the site, more than Los Angeles and San Francisco, where Chinese have traditionally focused their real estate purchases.

Source: CNBC