Silicon Valley is booming, and the Chinese are starting to cash in on the region's housing craze.
With tech stocks surging and IPOs sprouting up left and right, the area is in the midst of a real estate bonanza that's attracting a wave of buyers from China.
The average price of a home in Silicon Valley has surged more than 27 percent over the past two years, according to home purchase data from Santa Clara County.
Technology executives, budding entrepreneurs and venture capitalists are putting their money to work in the Silicon Valley real estate market, and they are finding new competitors from around the world, especially from China.
Ken DeLeon—named by The Wall Street Journal as the country's most successful real estate agent—said he has done close to $300 million in sales this year and that the market has never been hotter.
DeLeon said that in the past year he has sold more than 20 luxury residences in the Palo Alto area to buyers from mainland China, Taiwan and Hong Kong. Most of those buyers are looking for houses in the $2 million-plus range, he said.