The L.A. Chinese Destination is Arcadia and Pasadena area.
Ling Chow, president of the San Gabriel-based Chinese American Real Estate Professionals Assn., says brokers and agents welcome the mainland tours — anything to shake the doldrums of the market crash.
But Chow, who mostly serves mainland Chinese buyers, is more skeptical about any new wave of Chinese home buyers making a significant imprint. Unless they’re willing to spend more than $400,000, they’ll probably be disappointed in the available homes. Chinese are culturally inclined to buy new homes and prefer high-achieving school districts, demands that drive up prices.
Chow said Chinese buyers’ affinity for paying in cash will benefit them during the credit crunch. Many of her mainland clients have paid with cash, often for mansions and condos in Arcadia, where they can begin the immigration process or leave their college-age children to live alone.