Chinese flee stocks to buy foreign real estate
Chinese buyers have already spent billions in the U.S., UK and Australia, causing property prices to rise -- and experts say much more cash is on its way.
The latest triggers: Chinese stocks have crashed 40% since June, wiping away trillions of dollars in market value; and Beijing surprised investors by allowing the yuan -- or renminbi -- to fall sharply last month.
Chinese are starting to "think money in the bank is not safe -- it won't gain any value if the renminbi is still devaluing," said David Ji of Knight Frank, an international real estate agency. "So people will look to re