It's not baseless. China is full of a new class of wealthy people who can have their property or wealth confiscated by the state at any time. They also know t

It's not baseless. China is full of a new class of wealthy people who can have their property or wealth confiscated by the state at any time. They also know that won't happen in foreign real estate and as a bonus it affords their children the opportunity to attend a prestigious foreign university. Many wealthy Chinese own foreign real estate in western countries as a hedge.