Chapters (93)
- Cover
- Dedication
- One
- Two
- Three
- Four
- Five
- Six
- Seven
- Eight
- Nine
- Ten
- Eleven
- Twelve
- Thirteen
- Fourteen
- Fifteen
- Sixteen
- Seventeen
- Eighteen
- Nineteen
- Twenty
- Twenty-One
- Twenty-Two
- Twenty-Three
- Twenty-Four
- Twenty-Five
- Twenty-Six
- Twenty-Seven
- Twenty-Eight
- Twenty-Nine
- Thirty
- Thirty-One
- Thirty-Two
- Thirty-Three
- Thirty-Four
- Thirty-Five
- Thirty-Six
- Thirty-Seven
- Thirty-Eight
- Thirty-Nine
- Forty
- Forty-One
- Forty-Two
- Forty-Three
- Forty-Four
- Forty-Five
- Forty-Six
- Forty-Seven
- Forty-Eight
- Forty-Nine
- Fifty
- Fifty-One
- Fifty-Two
- Fifty-Three
- Fifty-Four
- Fifty-Five
- Fifty-Six
- Fifty-Seven
- Fifty-Eight
- Fifty-Nine
- Sixty
- Sixty-One
- Sixty-Two
- Sixty-Three
- Sixty-Four
- Sixty-Five
- Sixty-Six
- Sixty-Seven
- Sixty-Eight
- Sixty-Nine
- Seventy
- Seventy-One
- Seventy-Two
- Seventy-Three
- Seventy-Four
- Seventy-Five
- Seventy-Six
- Seventy-Seven
- Seventy-Eight
- Seventy-Nine
- Eighty
- Eighty-One
- Eighty-Two
- Eighty-Three
- Eighty-Four
- Eighty-Five
- Author’s Note
- Acknowledgments
- About the Author
- Books by Kelly Yang
- Back Ad
- About the Publisher
To facilitate continued expansion of its portfolio assets, international real estate firm Phoenix Capital Limited has raised $128 million in a Series B round backed by Morgan Stanley. The round was led by Hong Kong venture capital firms Dragon Investments and Asia Pacific Capital, bringing the firm’s total equity funding to over USD $378 million. The firm said in a statement the new investment will go to expanding its real estate portfolio in Hong Kong, London, Tokyo, Shanghai, as well as up-and-coming markets such as Ho Chi Minh City, Vietnam, and East Covina, California.
East Covina, California? That’s so weird that we’re in a major press release, on the same list as Hong Kong and Tokyo, which have some of the highest real estate values in the world. I know Ho Chi Minh City is on the up and up, with Vietnam quickly becoming a factory destination for cheap labor. But what do we have?
I open a new tab and load Zillow. Red dots fill my screen, most of them million-dollar homes in North Hills that are for sale or rent. I click on a random one and call the real estate agent listed.
“Xander Vander Real Estate!” the guy answers.
“Uh, hi . . . I got your number from Zillow—” I start to say.
Before I can even finish my sentence, Xander bombards me with a level of enthusiasm I am not prepared for. “Are you looking to buy or sell? I have several houses over in North Hills! All spectacular and within twenty minutes of the esteemed private school American Prep! May I show you some?”
“Actually . . . I just had a question,” I say. “Have you heard of Phoenix Capital Limited?”
Xander thinks for a minute.
“Doesn’t ring a bell,” he says.
“It’s an Asian real estate fund,” I tell him. I scroll through the article. “It says they’re investing in real estate here in East Covina.”
“That may very well be,” Xander says. “We do a lot of work with Asian real estate funds. Most of them are affiliated with Li Incorporated. Are you sure it’s not one of their subsidiaries?”
I scribble down the words Li Incorporated.
He tells me that Li Incorporated is one of the biggest real estate conglomerates in China, and they’ve been investing heavily in the city.
“Why?” I ask. Seems bizarre that Chinese real estate companies would be so interested in our small town.
“Good schools, of course!” Xander chuckles. “Nothing sells houses faster than good schools!”
Sixty-Seven
Claire
My mom lets out a sob when I finally tell her. I have three boxes of tissues on my bed for the call. Still, when she cries, nothing I could have prepared can soak up the pain inside.
“Oh, Claire,” my mom cries. “Are you okay?”
I shake my head even as I force out a “Yeah.”
“Does anyone know?” my mom asks.
“Just some friends.”