Asia Society and the Rosen Consulting Group (RCG) have released a new report about Chinese investment in the U.S real estate market both residential and commercial.

According to the study, Chinese investment in U.S. real estate has exploded, particularly in New York and California. Chinese nationals are now the biggest foreign buyers of American homes, purchasing homes valued at $93 billion in the past five years, including $28.6 billion in 2015 alone.

Commercial property purchases have surged as well, to $8.5 billion last year, a 15-fold increase from 2010. And, at nearly $208 billion, China is the biggest foreign holder of U.S.-government-backed real estate bonds.

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“More than any foreign investor other than Canada, China stands out for the breadth, depth, and speed of its participation in the US real estate market,” according to the report released on Monday, Breaking Ground : Chinese Investment in US Real Estate.

The report used information from public records and trade groups with RCG’s database, based in part on gathering of data and interviews with industry sources.

Source: Asia Society