> A lot of the buyers right now ... [are] newly minted Chinese millionaires.
Can you provide data or cite a source to substantiate that claim? I live in SF and the data I've seen suggests it's < 2% (by property count, not dollar volume)
Can you provide data or cite a source to substantiate that claim? I live in SF and the data I've seen suggests it's < 2% (by property count, not dollar volume)
http://www.paragon-re.com/Home_Buyer_Seller_Dynamics_in_San_...
Articles that claim that Chinese are buying a significant portion of homes tend to conflate immigrants / people of Asian descent with foreign investors, and then complain about new wealth in China.