A capital influx into local housing markets would be expected to increase house prices, but the spillover effect onto rental prices is theoretically ambiguous. I estimate both price impacts in U.S. residential housing markets using data from a boom in real estate purchases by buyers from China,...

We show that foreign real estate capital inflows have positive real effects and adverse distributional consequences. Using transaction-level data, we document (i) a "China shock" in the U.S. housing market characterized by surging foreign Chinese housing purchases after 2008; and (ii) "home bias" in...

The recent surge in property values in China has been similar to the surge in the U.S before the crash in 2007. This raises concerns about whether China is destined to have a crash as well. We estimate similar models of property values for the two countries, in order to compare price dynamics...

Using around 8 million housing transactions in California from 1994 to 2017, I find that Chinese overseas buyers (COB) earn 4.5% lower returns than other cash buyers, controlling for market timing and location factors. The large gap in housing returns is driven by purchase prices instead of sale...