With hopes of sending their kids to the United States for college, affluent Chinese buyers spent a stunning $22 billion on U.S. real estate last year. One neighborhood that has been at the forefront of this trend is the upscale Los Angeles suburb of Arcadia, which has seen such a huge influx of Chinese purchases that it’s been nicknamed the “Chinese Beverly Hills.” A recent video segment by Vocativ (embedded above) talks to one real estate agent who works with many wealthy Chinese buyers about what they find so enticing about Southern California’s multi-million dollar houses, as well as the suburb's slightly more scandalous Chinese nickname.
Watch: How One Posh LA Suburb Became The 'Chinese Beverly Hills’
A new video looks at how an influx of Chinese buyers paying cash for multi-million dollar homes has had a massive impact on the Southern California real estate market.
Jing DailyAuthor
Published in Retail