NEW YORK CITY—In the latest indicator of the strength of the global property market, Mainland China attracted the most applicants to the federal EB-5 program during the last year as the number of millionaire households in China soared, according to a new white paper by Savills Studley which examines the impact on commercial real estate of EB-5 investment.

Authored by Heidi Learner, the firm’s chief economist, the report discusses how the flow of cross-border investment from China into the US is impacting foreign investment, public policy, and the future of development.

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