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Wealthy Chinese citizens buying up California real estate

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Los Angeles suburbs with cul-de-sacs surrounded by freeways.
Amit Patel/Flickr
Los Angeles suburbs with cul-de-sacs surrounded by freeways.

Rich business people from Mainland China are snapping up high-end real estate in California. Their location of choice: San Marino.

Rich business people from Mainland China are snapping up high-end real estate in California. Their location of choice: San Marino.

Real estate agents there say perhaps 90 percent of all sales are now going to Chinese buyers.

We talk to the BBC's Rajesh Mirchandani, who says these buyers almost always pay in cash, and some worry their driving up real estate prices and changing the nature of the community.

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