[jval]

You're right - the class of investor has shifted away from professionals and people wanting to leave China (the aspirational Chinese migrants we are used to) to extremely wealthy corrupt officials who are dumping their money everywhere they can put it.

Because property supply is constrained but their capital is seemingly unlimited, we are seeing properties fetch prices that are totally disconnected to reality. This is happening in Melbourne, Australia too where entire suburbs that used to be 'family friendly' at $800K are now seeing properties regularly sell for $1.5M to investors on the phone.

New York Magazine called it out for what it is - money laundering.

http://nymag.com/news/features/foreigners-hiding-money-new-y...

I wouldn't be surprised if President Xi's rise and his crackdown on corruption is behind the flight of capital overseas.