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After eight years, Macro Polo has ceased operations as the Paulson Institute will focus its independent research on supporting its programs as it continues to diversify its scope.

We appreciate the community that has grown around Macro Polo and the fruitful engagement we’ve had with our legion of smart and sharp audience. You’ve pushed us to deliver even more original work and innovative products. Our body of work speaks for itself, and we hope it will have a long shelf life – that was the intent from MP’s inception.

MP’s website is now archived and no new work will be published henceforth on this site. Please visit www.paulsoninstitute.org for future research and policy work on a range of global issues.

Thank you all for the support over the years, it has been a privilege to have had a home at the Paulson Institute and to have built it the way we did.

- Team Macro Polo

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Home Purchases

In 2013, China passed Canada to become the top source of foreign home purchases in the United States. The value of Chinese purchases nearly doubled between 2013 and 2014, a surge that attended increasing quality-of-life concerns in China and political uncertainty around Xi Jinping’s anti-corruption campaign.

Home-buying then stabilized at around $30 billion a year until 2019, when total spending and unit volume both fell by over 50%. Beijing’s tightening capital controls mean that wealthy Chinese find it harder to move large sums of money abroad, but it’s likely this sudden drop in purchases also reflects sharply deteriorating perceptions of how welcome Chinese are in America.

Chinese Purchases of US Homes
Chinese Purchases of US Homes
Value of US Home Sales to Foreign Buyers by Country (2019)
Takeaway Numbers
Takeaway Numbers
Heat Map of Chinese Home Purchases

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Source: Copyright ©2019 “2019 Profile of International Activity in US Residential Real Estate.” National Association of Realtors. All rights reserved. Reprinted with permission. July 2019.