Mansions geared towards Chinese buyers — some featuring crystal chandeliers, marble floors and no fewer than eight bedrooms — were at one point selling like hot cakes in the San Gabriel Valley.
But more recently, as Chinese investors face stricter guidelines back home, homes have spent months sitting on the market with no takers.
While Chinese banks began cracking down on requests for foreign currency in 2015, a recent move by China’s State Administration of Foreign Exchange to enact stricter guidelines is starting to have broader effects on L.A.’s residential market.
