[hello_moto]

> An American billionaire buying a few condos and keeping them empty has the exact same effect as a Chinese billionaire doing so.

There are more nuances to this. Chinese millionaires and billionaires don't care about the sales price. They do it to diversify their portfolio to avoid CCP. Some of them did this to launder the dirty money as well.

Their numbers might be small but the chilling effect of outbidding everybody else outrageously will incentivized realtors to spread the "good news" to their customers/clients that "hey... that unit over there is sold $ x million dollars, would you be interested to sell yours as well?"

Suddenly before you know it, the market is f*cked.