CBS Evening News reported last night on the significant impact Chinese buyers are having on the U.S. housing market, especially right here in California where they accounted for 1 out of 10 homes sold in the past year.

One such Chinese homeowner is Di Meng, a 23-year old USC student from Beijing who lives in The Ritz-Carlton Residences at L.A. LIVE. Meng tells CBS Evening News that his parents opted to purchase the nearly $1 Million home in the five-star residential tower in Downtown L.A. as an investment rather than renting a dorm room, which they thought was “a waste of money.”

Jim Jacobson, Vice President of International Sales at The Ritz-Carlton Residences at L.A. LIVE, says Di Meng is no exception, with 22% of sales at The Ritz-Carlton Residences at L.A. LIVE involving affluent Chinese, who, he shared, don’t have a good place to put their money in China. “They look at their own own economy as a place that is not very stable,” said Jacobson. “The housing market there is not very stable either.”

Watch the full report below or here.

Learn more about The Ritz-Carlton Residences at L.A. LIVE at