Millions of Chinese flush with cash from two decades of moving jobs and wealth from the USA and Europe to China are on the hunt for bargains.
The new Chinese middle-class wants their kids to get the best education and they want to make sure their kids inherit their wealth - so they're carving up California.
Brian Yang's plan is typical. Yang and his family still live in China, but he just purchased a home in Irvine this year. He has a five year plan. When his daughter turns ten he will move into the home along with his family and have her finish school in the US.
Many Chinese see their own country as unstable politically, and fraught with big problems like pollution and inflation. So they're paying all-cash for million dollar real estate, using it as a safe-haven for their new found wealth.
Sorta sounds like the way the USA was back in the day, huh folks?
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