Thanks to its sunny weather, plus its close proximity to beaches and Hollywood, mansions in California are being snapped up by Chinese families, foreign tycoons and US celebrities, reports Bloomberg (15 February 2014). Homes at Blue Jay Way â€“ which once even inspired a Beatles song and is home to the celebrities like Leonardo DiCaprio and the Winklevoss twins â€“ are particularly popular with many wealthy global investors who consider the homes here as extremely safe investments to park their extra wealth, much akin to luxury residences in London and trophy apartments in Manhattan. Based on recent stats from DataQuick, California homes sales in 2013 set a new record by rising 33% from 2012, with 7,383 homes sold for $2 million or more. Most of the buyers are international buyers â€“ many from China who pay with cash. According to Dave Platter of Juwai.com, Los Angeles was the No. 2 city most preferred by Chinese property investors. New York was No. 1. â€œChinese buyers take up this trend because in Los Angeles, at the moment, stock is limited and prices are low,â€ he said. â€œThey find it easier to knock down an existing house than to find one that meets their needs.