Home » News & Insights » Chinese Buyers Boost California Housing Market

Chinese Buyers Boost California Housing Market

by | Dec 26, 2012

CBS Evening News reported last night on the significant impact Chinese buyers are having on the U.S. housing market, especially right here in California where they accounted for 1 out of 10 homes sold in the past year.

One such Chinese homeowner is Di Meng, a 23-year old USC student from Beijing who lives in The Ritz-Carlton Residences at L.A. LIVE. Meng tells CBS Evening News that his parents opted to purchase the nearly $1 Million home in the five-star residential tower in Downtown L.A. as an investment rather than renting a dorm room, which they thought was “a waste of money.”

Jim Jacobson, Vice President of International Sales at The Ritz-Carlton Residences at L.A. LIVE, says Di Meng is no exception, with 22% of sales at The Ritz-Carlton Residences at L.A. LIVE involving affluent Chinese, who, he shared, don’t have a good place to put their money in China. “They look at their own own economy as a place that is not very stable,” said Jacobson. “The housing market there is not very stable either.”

Watch the full report below or here.

Learn more about The Ritz-Carlton Residences at L.A. LIVE at AllAccessLiving.com.

Ready to make a move?
Let’s get started.

Explore Listings