Chinese Buyers Spur Luxury Home Sales

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REAL ESTATE: High-end college digs; cash buys; feng shui factor

Driven by lower home prices, buyers from China are snapping up luxury homes in Orange County.

Wealthy Chinese are saying "California is on sale right now," said LiH Kung Peters, president of Newport Beach-based McMonigle Group Inc.'s international division.

Waterfront sections of Newport Beach and newer neighborhoods, such as Shady Canyon in Irvine and Newport Coast, appear to be favorites for Chinese buyers.

While specific data is hard to come by, many local agents said they've seen an increase in sales to overseas Chinese.

Jacqueline Thompson, an agent for Newport Beach-based Surterre Properties Inc., said she's seen a 25% to 30% increase in such sales.

Thompson recently sold a $6.2 million home on Linda Isle in Newport Beach to a Chinese businessman.

Renee West represented the buyer, who came as a referral from a Hong Kong couple who bought a Bayside Drive home in Newport Beach.

Chinese buyers usually have a good idea of what they're looking for, according to West, an agent for Prudential California Realty in Corona del Mar.

"They know what they want - they know where they want to be," she said.

Prefer Hewer

In general, they prefer waterfront homes and newer, upscale neighborhoods.

"They're really particular about the home being...