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— This is the script of CNBC's news report for China's CCTV on November 26, Tuesday.
Welcome to the CNBC Business Daily.
Wealthy Chinese investors are buying up real estate in Southern California. CNBC's Diana Olick has more:
At a brand new housing development in Irvine, California, thousands of potential buyers are touring models. The vast majority of them are Chinese. And most steered clear of our camera.
[Soundbyte on tape by Kinney Yong, Premier Realty Broker, RE/MAX] Basically the market here, there's still room for appreciation. Irvine realtor Kinney Yong's phone is ringing off the hook.]
[Soundbyte on tape by Kinney Yong, Premier Realty Broker, RE/MAX] What's driving them over here is that they have this cash and they want to invest it somewhere. But they're not just investing in real estate. They're in investing in their children's future. Specifically, their education.]
[Soundbyte on tape by Emile Haddad, CEO, Fivepoint Communities] We're seeing a lot of Asians who are buying here as an investment and their kids are going to school here.]
That's Brian Yang's plan, whom we spoke with from China via Skype. He bought an older home in Irvine and plans to move there in five years when his daughter turns 10.
[Soundbyte on tape by Brian Yang, Property Buyer] Education in America is very good and world class, so the first one is for education. Second one is for property appreciation.]
For now, he's renting the home and getting a 5% return.
But over in the new Great Park Neighborhoods development, big US builders are rushing to cash in, even employing the multi-generational floor plans and fengshui designs that Chinese buyers want.
And cash is king, a seemingly limitless amount.
[Soundbyte on tape by Helen Zhang, Tarbell Realtors] The price doesn't matter. $800, $1 million, $1.5...whatever. They like it, they will purchase it. While education and investment are the primary drivers, quality of life doesn't hurt either. Many of the buyers we spoke to said they like the climate and the lack of pollution in California, and the political stability doesn't hurt either.]
As for where all that cash is coming from, nobody wanted to talk about that.
Diana Olick, CNBC, Washington.