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Extensions in visa terms between China and America have led to a flurry of US property enquiries from China.
It was announced last week that both countries have extended the lengths of their holiday, business and student visas. Business visa have been extended from one year to ten years while student visas are now for five years.
New agency Rueters reported after the announcement China’s top property website Juwai.com saw a 35 per cent increase in searches for property in the US.
The website told Reuters the extension of the student visa would have the most impact as Chinese parents looked to buy houses for their children to live in while studying in the US.
Simon Henry, co-chief executive officer of Juwai.com, told Reuters 85 per cent of wealthy Chinese want to educate their children overseas.”
“Chinese individuals who are considering investing in the US are very encouraged by the new visa arrangements, as it removes one of their biggest headaches.”
Chinese investors are also looking to the US for property after a cooling off in the Chinese market.
In October the National Bureau if Statistics in China announced property prices had dropped in 69 of the 70 cities it monitored. This was the highest drop since January 2011 and further fueled speculation that the property bubble in China was about to burst.