(CNBC) At a brand new housing development in Irvine, Calif., some of America's largest home builders are back at work after a crippling housing crash. Lennar, Pulte, K Hovnanian, Ryland to name a few. It's a rebirth for U.S. construction, but the customers are largely Chinese.
"They see the market here still has room for appreciation," said Irvine-area real estate agent Kinney Yong, of RE/MAX Premier Realty. "What's driving them over here is that they have this cash, and they want to park it somewhere or invest somewhere."
Yong's phone has been ringing off the hook, with more than 5,000 new homes slated for the nearby Great Park Neighborhood. Most of the calls are from overseas, but prospective buyers are not looking solely for financial returns on the real estate.
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