Vancouver BC and Seattle had that Chinese wave too. Home prices to the moon. Unsustainable
The greatest business in California is multi generational wealth transfer. With most of that having been railroad, farming, converted to real estate development. Lots of California’s population born wealthy, no need to work.
The Communist Chinese buying of California houses ended for awhile in 1989 when a large Asian newspaper published a large expose type article what a ripoff prices there were, when buyers could get 4 houses elsewhere in USA for the same money. California prices took a steep nose-dive and stayed somewhat depressed for several years (later recovered when the Chinese started buying again, and other factors).
Any market that is so dependent upon one source of demand...however... is “asking for a big fall.”
And the overall cycle is due now anyway, so..... beware is about all we can say. Beware.
Vancouver invited the Chinese over when Hong Kong closed.
But Canada did what we should consider doing; they took in families and people who could contribute the most. People from Hong Kong were checked for monetary assets they were bringing in.