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Housing

The Chinese Pursuit of the American Dream

Chinese citizens are the top foreign buyers of homes in the U.S. As Beijing cracks down on money going abroad, will America’s real estate market feel the impact?
Janie Lee, left, a residential specialist with John L. Scott Real Estate, shows a home for sale to her client from Beijing in Medina, Washington, near Seattle.
Janie Lee, left, a residential specialist with John L. Scott Real Estate, shows a home for sale to her client from Beijing in Medina, Washington, near Seattle.Ted S. Warren/AP

One of the latest listings in the Seattle-area real estate market boasts a newly renovated home with seven bedrooms, heated floors, and a “spacious and tranquil” feel inside the quiet suburb of Sammamish. It’s asking price: $1,260,888. Another listing—this one in Bellevue, with much grander amenities like a built-in sauna and a private tennis court—is priced at a staggering $6,888,000.