CCTV Script 28/03/17

This is the script of CNBC's news report for China's CCTV on March 28, Tuesday.

President Trump's travel ban and focus to curb immigration and deport undocumented immigrants have been the centerpiece since his campaign and it could be a threat to real estate.

Overseas buyers purchased more than $100 billion of residential property last year. These buyers have been instrumental in the success of new construction projects.

Mass deportations could reduce real estate investment and increase construction costs in what is already a tight labor market filled with many undocumented workers.

Economists say developers could push the increased cost on homebuyers or alternatively pull back on projects.

Asia accounted for 34 percent of foreign buyers.

Latin America and the Caribbean at 12 percent.

Europe at 18% and North America at 12%.

Then, Africa stood at 3 percent.

These buyers and investors have been instrumental in the success of new construction projects and restricted visas as well as mass deportations could reduce real estate investment and increase construction costs.

There are estimated 11 million illegal immigrants in the United States.

Economists at the N-A-R pointed out an already tight construction labor market and it's no secret that many foreign construction workers are undocumented.

As a result, developers could push the increased costs on homebuyers or alternatively pullback on projects.

CNBC's Qian Chen, reporting from Singapore.

Contact Business

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    Get these newsletters delivered to your inbox, and more info about our products and service. Privacy Policy.