undefined | Better HN

0 pointssdkaufman7811y ago0 comments

Not sure why parent is being downvoted. I personally know several rich (corrupt?) people from China who have bought or are actively shopping for homes here in the SF bay area. They still work & live in China, but from what they've told me, their goal is to

1) Buy a house for their kids studying in the US; 2) Launder their money; 3) Own a property outside of China as an investment; 4) Have a safe house in case they need to flee the country.

The bay area is a popular choice for such people due to the high concentration of Chinese immigrants / Chinese Americans already living here.

I'm not passing judgement, just presenting facts from personal experience.

0 comments

2 comments · 2 top-level

discardorama11y ago

Yeah, I don't know why I was downvoted too... I was speaking from personal experience also. I happened to be friends with a realtor, and he would tell me about the crazy bids he was getting from China. A property in Pacific Heights got 2 Chinese bidders in a bidding war, both buying it sight-unseen, all cash, from China. Crazy times.

And I have friends in the Peninsula who have such crashpads in the City (unfortunately, I didn't win the IPO lottery like they did).

So I'm not blaming "furriners" or "1%", just stating what my limited experience has been.

thecage41111y ago

people admit that their goal is to launder their money?

j / k navigate · click thread line to collapse