Monday, April 6, 2009

Chinese Eye Bargain U.S. Real Estate

Posted By: Sarah Reilly

Amid a downturn in real-estate prices, some wealthy Chinese are signing up for home-buying tours to the United States, and Chinese media tout the trend as another sign of strength from what's now the world's third-largest economy behind the United States and Japan.

''The real estate prices in America have gone down drastically,'' said Yin Guohua, a partner in a law firm who recently returned from an 11-day U.S. tour with a group of Chinese elite. ``It's a good option for Chinese people who want to buy for investment.''

On a recent broadcast, China Central Television's popular Oriental Horizon program dedicated half an hour to the topic of house-hunting tours to the United States. The tours also have been the subject of numerous newspaper articles, some of them suggesting that the buying power of newly rich Chinese might help salvage U.S. real estate woes.

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