The Chinese upper class seems to find it prudent to have a “bug-out” house overseas.
Housing prices in China are way too expensive. Meanwhile, the government only permits wealthy people to purchase two homes at one time. So, wealthy Chinese have no choice but to purchase homes outside the country. Besides, a $10 million mansion in Texas is still cheaper than a one-room apartment in Beijing’s Central Business District. American realtors should take note of this “Global business tip.” I’m even trying to explain to a few Chinese that they’re wasting their money buying homes in California and New York and they should buy homes in Texas instead.