Chinese nationals are buying up more real estate in the Puget Sound area and one of the main reasons why is to provide housing for their children who attend schools in the area.
According to UW, the number of Chinese students surged nine-fold between 2004 – when Chinese enrollment stood at 356 – and last year when the number hit 3,405. That's an 856% increase in a decade with a current Chinese student percentage of about 7.6%.
Dean Jones, CEO & Owner of Realogics Sotheby's International Realty in Seattle last year said his firm helped a Chinese national buy an $8 million Eastside house for his child, a recent UW graduate.
Across the nation, more and more Chinese students are enrolling in universities. Citing a report from the the Institute of International Education, a nonprofit group, Bloomberg last fall reported that the number of Chinese university students in the U.S. jumped 75% in three years to almost 275,000. Students from China made up the largest number among the 886,052 foreign students in 2013, with 31%.
Read the Full Article on the Puget Sound Business Journal.