Chinese purchases of U.S. residential property hit a record high of USD31.7 billion in 2016, up at least USD4 billion, according to the country’s National Association of Realtors (NAR). Its 2017 Profile of International Activity in U.S. Residential Real Estate, found that between April 2016 and March 2017, China maintained its top position in terms of dollar sales for the fourth straight year. The figure of USD31.7 billion is up from last year’s USD27.3 billion but down slightly on 2015’s USD28.6 billion. Chinese buyers also bought the most housing units for the third consecutive year, 40,572, up from 29,195 in 2016. NAR found that among Chinese buyers, 65% paid cash, while 26% used a U.S. mortgage. 21% bought property as an investment, while 39% planned to use the purchase as either a vacation or residential investment, while 8% was bought as student accommodation. The study also showed that 31% bought properties in central city or urban areas, but suburban purchases (61%) were the most popular, with small town buys at just 7%. 67% of the purchases were detached single-family homes, 14% were townhouses, and condominiums accounted for 13% of sales. Sue Jong, Chief of Operations at Juwai.com, a property portal, said that this year’s international real estate investment will be down at least 10% from 2016, the South China Morning Post reports. Surprisingly, despite the fast pace of overseas acquisitions in recent years, China still lags compared with other economies. China ranks just 18th in the world by aggregate ownership of foreign real estate and other assets compared to gross domestic product (GDP), at just 12%, well below the average of 42%, according to the Organization for Economic Cooperation and Development (OECD).