Chinese buyers lead foreign investment in US housing market
According to the National Association of Realtors, non-American buyers accounted for $82 billion in home sales last year. More than $7 billion of that is by the Chinese, who are now the second largest foreign home purchasers after Canadians. They’re buying high-end, multimillion-dollar homes from California to New York and paying cash.
“They’re probably the top 1 percent of the Mandarin speakers that are coming from China,” said Brent Chang, a Coldwell Banker realtor in Southern California. “They’re really the people who have their own businesses or maybe were part of the government.”
Some of these homes are specifically catered to Chinese buyers. Fox News visited a home listed at $8 million in Pasadena, Calif., that had two kitchens, the smaller one had ventilation for the cooking for aromatic or “stinky” foods like fish. It also has a lower level in-law suite and even a koi pond.
Chinese Investors Buy 80% of AIG Plane Unit for $4.2 Billion
A Chinese group agreed to buy an 80.1 percent stake in the plane-leasing unit ofAmerican International Group Inc. (AIG) for $4.23 billion, the largest acquisition by that nation’s investors in the U.S.
The investors in International Lease Finance Corp. include New China Trust Co., China Aviation Industrial Fund and P3 Investments Ltd., New York-based AIG said today in a statement. The buyers have an option to take an additional 9.9 percent stake, according to the statement. The deal values ILFC at $5.3 billion, and eclipses China Investment Corp.’s $3 billion purchase of a stake in Blackstone Group LP (BX) in 2007.
Chinese bid wins auction for A123
A Chinese car parts maker has won the auction for bankrupt US battery maker A123 Systems, in a further success in international dealmaking for Chinese groups.
Wanxiang Group bid about $257m to win the auction for the battery maker, which supplies electric cars. The sale still requires the approval of the Delaware court where A123 filed for bankruptcy.