Canyon Lake Ranch was once a playground for Christian day campers, and then was a corporate retreat with water skiing, barbecues and cowboy shoot-’em-up shows.
Hawks now circle above 108 sun-baked acres occupied by copperhead snakes, a few coyotes and the occasional construction truck.
Soon this ranch will be a gated subdivision of 99 mini-mansions designed for buyers from mainland China. The developer, Zhang Long, a Beijing businessman, is keeping three plots to build his own estate along the site of an old rodeo arena.
This luxury development 35 miles northwest of Dallas is the latest frontier in a global buying phenomenon as Chinese money becomes a major force in real estate around the world. The flood of money is likely to persist despite the current tumult in China. While a currency devaluation and stock market crash have crimped the country’s buying power overseas, the resulting uncertainty is making many Chinese individuals and companies eager to invest anywhere except their home country.
In the United States, the home-buying spree began on the coasts, where Chinese buyers snapped up luxury condos in Manhattan and McMansions in Silicon Valley, pushing up home values in big cities. It is now spreading to the middle of the country, where prices are more modest and have room to run.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
9 comments:
that is one eye popping look at the whole situation!
The US Dollars are coming home to roost and will bring massive inflation of prices with them!
The FED created $3.4T in the past few years and all of those Dollars must be spent somewhere. The depressed US economy is the best place to spend them.
I hope Chinese millionaires will buy my small business also so I can retire to Florida.
Sorry but they are pretty say and probably won't buy a pig in a poke.
savy just turned off auto correct - tired of it fixing what didn't need fixing
savvy lol
not to say we do not have a crisis here because what the Feds are doing is criminal but I will say the Japanese did the same thing during the reign of Carter and it bit them in the butt
1:24 I listed mine in a Korean publication
I hope they buy the entire country , rather than suffer from the muslim invasion.
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