Home Buying in 08550>Question Details

Lookingforho…, Other/Just Looking in Madison, AL

You must have heard a story similar to this: A friend of mine with enough Chinese Currency (RMB) wanted to purchase a home worthy $600,000 in the US.

Asked by Lookingforhome, Madison, AL Tue May 18, 2010

Due to Chinese currency can not be converted to dollars easily (only allow certain amount such as $50,000 annually being exchanged via Hong Kong, not too sure...). Based upon your experience and expertise, how can my friend purchase a home with cash. There must be a way...Please advise.

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Answers

3
This isn't my area of expertise, so please check with appropriate authorities before attempting this. (Wouldn't want your friend to get in trouble for any illegal activity.) However . . .

Is it possible for him to deposit his Chinese currency into a bank? Then get a loan from the bank in U.S. dollars (secured by his deposit), and then use the loan proceeds to purchase the U.S. home for cash? Or purchase stock and borrow against the value of the stock?
1 vote Thank Flag Link Tue May 18, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Yes. the limit is 50,000 per chinese citizen. the only way to get around this issue is to find a lot of people willing to send the money OR go through an import/export company.

it is very difficult.



cheers,



Lou
Chinatrust Bank USA
1 vote Thank Flag Link Tue May 18, 2010
Hi, were you able to find a good solution to this? I am doing research on a similar situation. Thanks!
0 votes Thank Flag Link Fri Jun 24, 2011
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