Don’t know but I do recall the Japanese getting their fingers burned by buying US Real Estate. At the time they were viewed as ‘Inevitable’ and the sharpest minds on the Planet. Subsequent events proved this impression totally false.
It’s possible this is a replay.
I believe the Japanese purchased mainly commercial real estate, which, by the way, is also about to go over the cliff, making the “subprime” loss look like pocket change.
The main point is that the ChiComs are purchasing real estate at the residential level. Not directly, but their “investment” may well end up being how they recover some of their losses by purchasing our debt.