Sellers of homes in the United States, which includes Dallas...need to be mindful of the abundance of Chinese investors in the real estate market. A new policy was announced by China's foreign exchange regulator on January 1, 2017. A policy has been in place for years that Chinese citizens could only transfer up to U.S. $50,000 legally out of mainland China. The new policy keeps this limit, but now requires individuals to fill out a form describing the purpose of their foreign currency transfer. The purpose cannot be for real estate investment, but can be for travel, education, and other reasons. Chinese investors have found ways around these controls, and we expect that they will continue to do so. This is "news you can use" if you are selling, and you receive an all cash offer from a Chinese buyer. It would be good practice to ask for proof of funds showing that the funds needed to close are already on deposit in an American account. Stay tuned for more "News You Can Use from Hanne"!
Hanne Sagalowsky / firstname.lastname@example.org / 214-402-8200 / International Property Specialist