February 11, 2009

An Asian Tiger Comes (House) Hunting

A group of Chinese tourists in America may go home with the ultimate souvenir: a house.

The China Daily, published by China’s Communist Party, reports that more than 300 Chinese have signed up for a 10-day house-hunting trip organized by real estate Web site, Soufun.com.

Potential homebuyers are capitalizing on low prices following the U.S. sub-prime mortgage crisis and the current global recession.

The trip costs roughly 25,000 Yuan, or $3,500 and will target houses in the $400,000-$700,000 range, focusing on metropolitan areas with large numbers of ethnic Chinese in states such as California, Nevada and New York.

Those interested include real estate professionals looking for cheap investment opportunities and parents of children studying in the United States.

–Lauren Riggs/Newsdesk.org

Source:

“Chinese gear up to buy U.S. homes”
People’s Daily, February 1, 2009

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