Citing concerns over instability in China and wanting their children to be educated in American schools, wealthy Chinese buyers are increasingly opting to buy California real estate, Business Insider reports.
A recent grand opening of an Irvine, California, new housing development, where homes are priced between $700,000 and $1 million plus, drew more than 20,000 attendees. And most of them were Asian.
Asian buyers tend to pay in all cash. While some use their purchases strictly as investment properties, others are moving their families to the United States.
The Asian invasion has not escaped the notice of home developers, as some are incorporating amenities that would appeal to the Asian market, such as feng shui designs and houses that are specially tailored for multigenerational households.
.… "They see the market here still has room for appreciation," said Irvine-area real estate agent Kinney Yong, of RE/MAX Premier Realty. "What's driving them over here is that they have this cash, and they want to park it somewhere or invest somewhere."