then Chinese would be fleeing the Chinese real estate market for the west, which isn’t really happening This is basic diversification. No one would expect them

then Chinese would be fleeing the Chinese real estate market for the west, which isn’t really happening This is basic diversification. No one would expect them to flee the local market while it's still working, but buying some assets in foreign cities protects against the Chinese government cracking down on people owning multiple homes in the local market. It's quite sensible really.