China’s new rich set trend buying luxury homes in California with cash

From World Journal, Los Angeles:

Mr. Chen had been renting and living in a 2 bedroom house in South Pasadena, California for many years, recently he was forced to move because his landlord sold the house for 525,000 dollars (short sale). Friends from mainland China asked him why, he always responded angrily, “All you mainlanders are too rich, buying houses with cash, causing me to move!”

As China’s economy rises, a group of China’s new rich with abundant cash funds appeared […]Read more…