I had to look up the Chinese city tier system. What do you mean?The Chinese city tier system (Chinese: 中国城市等级制) is a hierarchical classification of Chinese cities. There are no such official lists in China, as the Chinese government does not publish or recognize an official definition or a list of cities included in the tier system. However, it is frequently referred to by various media publications for purposes including commerce, transportation, tourism, education, and more.[1][2] Given the rapid development of Chinese cities and the ever-changing dynamic among cities, the tier system has gained wide popularity in recent years as a point of reference. Cities in different tiers reflect differences in consumer behavior, income level, population size, consumer sophistication, infrastructure, talent pool, and business opportunity.[3] The tier system typically includes cities in mainland China only.
And if Yan can't do it, they're counting on you, by the way - especially if you live on the West Coast of North America.
For the past ten years, real estate prices up and down the West Coast - from San Diego to Vancouver - have been driven by Chinese REITs buying up everything for investment. Below $500k you often find yourself competing with cash offers from foreigners that have no intent of ever living in the place. Large swaths of downtown Long Beach, downtown LA and downtown Vancouver are empty: These condos and houses were not bought because the Chinese want houses to be empty, they were bought so that they could store their wealth in places the Chinese government couldn't reappropriate it. They were investing. Which means someone needs to buy it for more than they bought it for or else they're losing money. So. Can... you afford to go toe-to-toe with a Chinese REIT? Because every "housing crisis" story you see is about workers who can't pay what investors want them to.