The data is overwhelming: Asian real estate buyers, especially from China, are honing in on California markets such as Los Angeles, San Diego and Orange County. Last year alone, Asian buyers purchased more than $28 billion in California properties, and one in three purchases by Chinese buyers are in The Golden State.
Why is that? Well, according to a new Unique Homes article, “California’s Global Appeal” by Camilla McLaughlin, education remains “a prime reason for a purchase in the U.S., particularly for upscale Chinese buyers,” while other motivators include investment and tax purposes, living near family and friends and staying close to a U.S. business they already own.
For more information about this trend, check out McLaughlin’s story, which can be found on pages 55 through 57 of our November & December issue. Below is a sneak peek.
In the Golden State, it’s not uncommon to hear reports of builders consulting with feng shui masters on both land plans and home designs. And some even go the extra step of holding a ‘ming tong’ ceremony to ensure good fortune for future residents.
While not an everyday occurrence, this example does illustrate the influence international buyers, particularly from Asia, exert in California, where last year one in three foreign buyers hailed from China (People’s Republic, Hong Kong and Taiwain) and one in six Realtors closed an interaction with an international buyer. Visit cities such as San Francisco and Los Angeles and you see new residential and mixed-use buildings going up, many financed all or in part by investment dollars from Asia.