US and China real estate: Zillow teams up with Leju

Global Business

Figures show Chinese home buyers spent 22 billion dollars on U.S. properties last year, nearly doubling what they spent in 2012. That means opportunity for U.S. based realtors and inspired a new U.S. China partnership. CCTV’s Chris Casquejo reports.

Online real estate listings company Zillow says Seattle and nearby Bellevue are among the top search entries for Chinese home buyers on its U.S. website, along with several cities in California and New York City.

So Zillow and the China-based real estate services company Leju have teamed up, hoping to make remote home buying easier. Their new, co-branded website was first announced in April.

Chinese buyers now outnumber all other foreign buyers of U.S. homes, with more than three-quarters of purchases recorded as all-cash. The median price of the homes they’re buying: about $523,000.

US and China real estate: Zillow teams up with Leju

US and China real estate: Zillow teams up with Leju

Figures show Chinese home buyers spent 22 billion dollars on U.S. properties last year, nearly doubling what they spent in 2012. That means opportunity for U.S. based realtors and inspired a new U.S. China partnership. CCTV's Chris Casquejo reports.