Temperatures in the high 20's, low 30's Celsius. Warm, sandy beaches. Cops who carry surf boards when they go to work... mmmm.
Buyers from mainland China and Hong Kong are snapping up luxury homes, often paying cash, in major U.S. cities such as New York, Los Angeles and San Francisco. They're coming by the dozens to buy foreclosed properties in downtrodden cities in Florida and Nevada. Chinese buyers are even starting to snap up pricey commercial buildings and hotels in Manhattan.
And even in California you can't escape articles that Asians with money are snapping up everything.
But an interesting tidbit leaped out at me. Seems denizens of the Land of the Red Dragon aren't the main source of Hot Money gorging on real estate in America.
In the U.S., the Chinese are now the second-largest foreign buyers of homes, behind Canadians, accounting for $7.4 billion of sales in the 12 months ended March 2011, up 24% from the previous 12 months, according to the National Association of Realtors.
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