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How an Upscale California Suburb Became the “Chinese Beverly Hills”

Dec 05, 2014 at 8:20 AM ET

The town of Arcadia, California, has gained the nickname “The Chinese Beverly Hills”. Peggy Fong Chen, who makes a living selling high-priced real estate in Arcadia, says that almost all of her buyers are from mainland China, and almost all of her clients pay for their multi-million dollar homes in cash. Many Chinese billionaires buy these homes along with exotic cars for their children attending American colleges. Others use these mansions for the less wholesome purpose of housing their mistresses. Whatever their reasons, the Chinese elite are buying up American real estate like never before–to the tune of $22 billion last year alone.