Ghost cities in China - the importance of schools for Chinese buyers

Are you wondering what drives Chinese buyers of real estate? Some recent news provides clarity: schools are the primary drivers for many Chinese.  

There are many "ghost" cities in China; cities where real estate developers have built new cities, with dozens of skyscrapers, parks, faciities, libraries, etc. in the hope that people would move then to those cities.  Unfortunately, nobody moved there and these cities are now practically empty. As a result, real estate prices in those cities crashed.

Now, however, prices in some of those cities are going up again - for one simple reason: some of the top schools in China is moving into one of those cities.  Chinese parents are therefore jumping again on the opportunity to buy real estate close to the school which, again, is driving up the real estate prices.

Read all the details here. Chinese citizens buying US homes follow the same pattern: buying a house close to good schools is one of the most important factors for Chinese buyers.