The declining yuan is still sending China's wealthiest to find places to invest their money, and with many go-to locations like San Francisco, New York, and London starting to price themselves out, buyers are looking the same luxury in areas that are more affordable.
For example, one buyer who bought a small apartment in Shanghai recognized he could buy an entire tower of apartments in other locations. Bloomberg News broke down the difference of what $1 million could buy in these markets: in New York, a 560-square-foot studio; in Sydney, an 1,160-square-foot, 3-bed, 2-bath apartment; in Houston, a 1,475-square-foot, 2-bed, 3-bath, apartment.
Chinese buyers have responded by branching out to cheaper cities. In the U.S., they’re increasingly searching for properties in Houston, Orlando and Seattle, which displaced San Francisco in the first quarter as the third-most viewed U.S. market on Juwai.com, a Chinese search engine for offshore real estate.