The overflow from China's economic high tide is transforming the housing markets of suburban Los Angeles.Who needs indebted recent college graduates when you have wealthy Chinese home buyers?
Affluent Chinese home buyers are driving prices past boom-era peaks, spawning a subset of property brokers and mortgage lenders that cater to their distinct needs — and even dictate design details in new subdivisions.
The strongest magnet is the San Gabriel Valley, where Monterey Park became known as the "first suburban Chinatown" in the 1970s. Selling real estate there now requires familiarity with feng shui, the ancient Chinese principles of harmonious design.
"People are getting money out of mainland China and sticking it here," said Mel Wong, president of the West San Gabriel Valley Assn. of Realtors.
Monday, March 24, 2014
Wealthy Chinese home buyers boost suburban L.A. housing markets
The L.A. Times reports:
