Mainland Chinese stepping up purchases of California properties
Original post made on Oct 9, 2013
Read the full story here Web Link posted Wednesday, October 9, 2013, 6:16 AM
on Oct 9, 2013 at 7:14 am
on Oct 9, 2013 at 8:15 am
on Oct 9, 2013 at 9:58 am
This was happening during last year's presidential campaign about a non-existent 'recovery' that is still NOT happening. Most houses 6-16 months ago in Foothill and other 'good' neighborhoods were bought by Chinese throughout Bay Area...with CASH. Many cash deals were sight unseen but handled by friends & family here... as investments. Investments in China are not as secure. It is now starting to slow here. Government of Singapore purchased the Claremont Hotel about 8 months ago for investment.. They want a safe place to park money.
Sadly it creates a phony picture of our no-job, no middle-class, non-recovery. Middle-class housing market is not recovering in many areas as a whole.