Foreign real estate investment increases employment – research
The authors found the properties are often left empty, but drive up home values and employment
Foreign real estate investment spurs economic activity and induces gentrification, says a paper published by Oxford University.
The authors are Zhimin Li, a professor of economics at Peking University, Leslie Sheng Shen, a senior economist at the Federal Reserve Bank of Boston, and Calvin Zhang, a senior financial economist at the Federal Reserve Bank of Philadelphia.
They looked at Chinese nationals’ purchases of homes in California from 2001 to 2013. They found the purchases increased local
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