For Mr. Zhang, the old ranch in Corinth was somewhat of an impulse buy.

A lawyer by training, Mr. Zhang, 42, first came to know Texas during airport layovers while traveling between the coasts for his work, which spans technology, mining, wealth management and other industries. A Chinese friend in Dallas started talking about a patch of undeveloped land in Corinth.

Two years ago, Mr. Zhang paid $6.8 million in cash for Canyon Lake Ranch, his first foray into American real estate. He renamed the lake after himself; it’s now officially Long Lake.

“I chose Dallas because the unique culture of the city was evident on my first visit and has since impressed me with every return visit,” Mr. Zhang said in a statement. “Compared to other U.S. metropolitan areas, Dallas presents numerous prospects for all walks of life, drawing people from across the country and globally.”

Vivian Tsou, chief operating officer and president of Lelege USA, Mr. Zhang’s development company, put it bluntly: “The bang for your buck is higher here.”

Overseas real estate speculation by Chinese investors started to rise after the recession in America began to recede in 2009. The two markets have been out of sync, creating opportunities. American home prices have been in a recovery phase, while the Chinese boom has been fading.

Millions of Chinese are looking to park their money in countries where there is less risk of arbitrary confiscation and more political stability. Some want to obscure the true extent of their wealth, while others are trying to diversify their assets.

China’s history of corruption has also left people vulnerable.

According to state media, a top government official, Bo Xilai, and his aides ordered the confiscation of as much as $15 billion from wealthy families, who were accused of crimes based on sometimes flimsy evidence. Mr. Bo, a former member of the Politburo, is now serving a life sentence for bribery, embezzlement and abuse of power.