That's a much smaller driving force than capital flight. The elites of those countries want to move assets and investment out of the country, so you buy the child a home (in-state tuition) you can move to after they graduate, send support money over to the student, etc.
The wealthy Chinese understand that US Dollars and the American are a more stable platform over the next few decades than China (which isn't terribly likely to exist as presently constituted by that point).
When Japanese nationals were buying up American property left and right, Americans took it as a sign that the Japanese economy would grow rapidly forever, and they'd take over the world.
In reality, Japanese elites knew better than anyone what the future held, and wanted to tie up their wealth in American assets.
Capital flight is a major, major factor.