There are something like 250 billionaires in China. Some of them are buying & building houses in the Los Angeles area, and real estate values are soaring.
"Why are Chinese millionaires buying mansions in an L.A. suburb?"
This article answers its own question: "For buyers from mainland China, Arcadia offers excellent schools, large lots with lenient building codes, and a place to park their money beyond the reach of the Chinese government."
"The city, population 57,600, projects that about 150 older homes—53 percent more than normal—will be torn down this year and replaced with mansions."
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