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Chinese travel boom to US

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Chinese travellers are currently heading en masse to the Land of the Free, spending substantially as both tourists and property buyers. This influx of Chinese citizens means great things for both the real estate market and the wider economy.

In fact, the US State Department recorded a significant rise in the number of both business and tourist visas issued to travellers, specifically the US B1 Business Visa and US B2 Tourist Visa. A department official explained to the South China Morning Post that the total number between December and January hit 351,650.

This is a substantial leap forward from the 209,100 recorded in the time period a year ago.

Chinese travellers only mean good things for the US economy, as they contributed a substantial amount of money. In turn, this expenditure helps to support US jobs.

US President Barack Obama visited Beijing in November, where both countries signed a reciprocal visa policy - one designed to push visa validity from one to five years.

"A competitive visa policy will help us meet projections that suggest 7.3 million Chinese travellers will come to the US by 2021, contributing nearly US$85 billion a year to the US economy and supporting up to 440,000 US jobs," the White House explained.

While tourism is extremely important to the American economy, the real estate market is also a critical sector - and it's also one that will see the benefit of overseas investors.

Chinese property site Juwai explained that Chinese property investors are starting to seek out US properties on the website, with a 35 per cent spike in demand since November 2014 (the last visa update). It's clear, they noted, that investors are using the new visas for both tourism and property hunting, across multiple cities.

These revised visas have clearly opened the door for investment opportunities - this year could certainly be an exciting one for Chinese investment into the US property market.

Date Published: 05 Mar 2015
Category: AsiaGeneral NewsNews

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