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?
They are just as hoodwinked as most americans. They actually think the land those houses are on belong to them in perpetuity. LOL
Love the mexican doing yard work in the background.
Looks like a great place to go looting. Maybe we should start the next staged riot in arcadia.
OSU is SO full of chinese and international students. Lots of paks, sauds, chines, korean, Kazaks. Probably half or more of the student body. And none of them can drive their $60-75000 cars worth a lick.
Arcadia? As in “Joan of…”???
News to me.
One good shake from San Andreas will be a reminder for them of their mainland.
. . .
The Newport-Inglewood fault is FAR worse, Cathleen.
The entire South Bay area would turn into quicksand, basically.
A wise man once told me. The best money you can make is money from other towns. So if you build build it to draw not only the locals. But best from those far away. Sane for a Country the best money spent comes from a other countries bank to your own. So I say leave them allone if there are no major problems and let them enjoy spending there money here. But hord your own money here and keep it here to build your own Country. Why illegals are such a problem here. They don’t bring there own money but take ours home with them. And there Country is smart enough to know this rule.