Arcadia, California, is nicknamed “the Chinese Beverly Hills.” Real estate agent Peggy Fong Chen makes a living selling expensive real estate in Arcadia, mostly to buyers from Mainland China.
Most of these Chinese buyers pay for their multi-million dollar purchases in cash.
China has the second highest number of billionaires behind the U.S. Many of these wealthy Chinese move overseas, especially to the U.S., and buy these expensive homes and exotic cars for their children, who are often attending American universities.
Many corrupt officials, while still in China, send their wives and children overseas, along with large amounts of money, and later move overseas to join them. While they are still in China, they are referred to as “naked officials.” This practice is draining much of China’s wealth.
But others use these mansions for the purpose of housing their mistresses (yes, that’s plural). It is very common for corrupt communist officials and wealthy businessmen in China to have mistresses, and to lavish money, cars, houses, etc. on them—it appears this has also been exported overseas.
Wealthy Chinese are buying up American real estate, to the tune of $22 billion in 2013 alone. What do you think? Should there be any restrictions put on this practice?