U.S. real-estate sales to Chinese buyers fell for the first time since 2011, to $27.3 billion. U.S. realtors say China’s capital controls and currency depreciation, resulting in a cheaper Yuan, have curbed potential buyers. Still, the National Association of Realtors reports the average price Chinese investors paid for homes in the U.S. rose by more than 12% between 2015 and 2016. California receives about one-third of this foreign investment (compared to New York’s 10%), and California also caters to the lower priced homes of the Chinese market, making it the most vulnerable state to declining Chinese investment.
