Many wealthy Chinese are diversifying out of China, and US real estate is a relative bargain for them. Chinese bought 12 percent of all US homes purchased by foreign citizens last year, up from 5 percent in 2007 with more than half the home purchases in California. More than two-thirds of the Chinese buyers paid cash. According to the Hurun Report, more than 60 percent of China’s wealthy have left or plan to leave the country, at least part time, and their top destination is the United States. For the burgeoning middle and upper classes Chinese, the US market seems more stable than the Chinese market, where fears of a property bubble have caused a great deal of concern.
by luxury society