Most of the property in Arcadia, California, is being snapped up by Asian – mostly Chinese – millionaires and billionaires.
The city is now popularly known as the “Chinese Beverly Hills.”
“Prices in Arcadia are up more than 39 percent from their peak in 2007 before the housing downturn. The city, now 60 percent Asian, has become more expensive than Calabasas, the suburban enclave that is home to Justin Bieber and the Kardashians,” the LA Times reports.
“In the last year alone, more than 90 houses have sold for more than $2.5 million in Arcadia, a city of 56,000 that sits just east of Pasadena at the base of the San Gabriel Mountain.”
In fact, for buyers from mainland China, Arcadia offers excellent schools, large lots with lenient building codes, and a place to park their money beyond the reach of the Chinese government.
But it’s not all that the city offers. According to a report by Vocativ, Arcadia is also known as the “Mistress City” of California.
“Most of the houses are rented out for people who have girlfriends,” stated realtor Peggy Fong Chen in an interview, implying that rich men lease mansions for “housing their mistresses.”
While pointing out that almost all of her clients pay for their multi-million dollar homes in cash, Chen added that many Chinese billionaires buy these homes along with exotic cars for their children who are often sent to study in American colleges.
Watch the following video for more information on Arcadia – the Chinese Beverly Hills: