Take Two for September 28, 2012

Wealthy Chinese citizens buying up California real estate

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.

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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