Homebuyers Confront China Syndrome
Orange County Register
China has hacked our government, devastated or severely challenged our industries and enjoyed one of the greatest wealth transfers in history – from our households to its. China also benefits from by far the largest trade surplus with the United States and also owns 11 percent of our national debt.
Sometimes it seems to be increasingly China’s world, and we just happen to live in it. Some, such as columnist Thomas Friedman and Daniel A. Bell, author of the newly published “The China Model,” even suggest we adjust our political system to more closely resemble that of the Chinese.
Yet, a funny thing has happened on the way to global domination – the Chinese are coming here with their money, and, often, with their families. Rather than seeing China as the land of opportunity, more Chinese have been establishing homes in America, particularly in California, where they account for roughly one-third of foreign homebuyers, with upward of 70 percent paying cash. Overall Chinese investment in U.S. real estate has grown from $50 million in 2000 to $14 billion in 2013, surpassing all other foreign investors.
