Chinese buying has been particularly strong in the US real estate market in recent years. It jumped 30% year over year as of March, according to National Association of Realtors (NAR). Chinese buyers tend to purchase property in the American Sunbelt, namely California, and spent the most on US real estate: $831,800 on average. Another statistic shows 46% of Chinese buyers paid cash, up 229% from ten years ago according to RealtyTrac.
In a system with well-definitely rules and regulations, closely-guarded property ownership, along with checks and balances from various unbiased third parties such as escrow and title companies, exactly how could this happen?!
Criminals have gotten ever-sophisticated and high tech. Before the existing system gets an overhaul and regulations get updated, buyers and sellers, especially foreign nationals that carry out cash transactions need to be on the alert. Consult professionals to set up effective mechanism to better safeguard the valuable properties. Once the property is stolen, the recovery process would be very challenging, costly, and lengthy, if all possible.