Most likely China. Houses here in SoCal are still getting full cash offers and that’s not something Americans are able to do.
Years ago our real estate agent told us about the Chinese woman that bought a home for herself and husband, and homes for each of their adult kids. For the first closing she came to his office with a rolling suitcase.
When he went to go load it into his car he asked why did she need a suitcase?
“I say pay cash for house.”
“Wait - actual cash? Um - let’s run by the bank and change this into a cashier’s check.” Over a million bucks!