China’s boom has birthed an elite class–Hong Kong is now overtaken with wealthy mainland Chinese investors–and the United States is set to become their next destination. Since several provincial governments have restricted the number of homes one person is allowed to purchase, real estate investors are looking elsewhere.
Particularly California, according to China Daily.
“China-based companies have invested $62.6 million in the U.S. real estate market this year,” reports China Daily. And the U.S. National Association of Realtors says that the Chinese are the demographic most likely among foreign investors to purchase homes appraised at over $1 million dollars.
California-based Fleur de Lys, valued at $125 million, and Hummingbird Nest Ranch, valued at $75 million, are two luxury developments to be marketed to Chinese investors this year, according to Coldwell Banker Previews International.
London is also benefiting from tightened regulations in China and the resulting interest from wealthy Chinese. Chinese nationals spent $260 million dollars on newly built property in central London between March of 2009 and March of 2010.
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