He expects to get a bargain. Ying is part of a growing number of Chinese who are joining tours organized especially for Chinese investors who want to take advantage of slumping US real estate prices amid a financial crisis.
"It's a great time to buy because of the financial crisis, and houses in large cities like New York and Los Angeles will definitely go up in a few years," Ying said.
China's ultra-rich have been buying property in the US for years, and more are joining the buying tours made attractive by still-rising Chinese income levels and American real estate prices that have been falling for 2½ years. More than 100 Chinese buyers have joined such tours since late 2008.
The US has plenty of unsold homes to offer — 3.67 million as of the end of December. The price of the house, a buyer said, was US$1 million compared with US$1.3 million before the crisis in early 2007.
The home-buying opportunities mirror a larger trend. Cash-rich Chinese companies are looking to buy resources made suddenly cheaper by the downturn or companies suffering under the global debt meltdown. Yesterday, the Aluminum Corp of China, also known as Chinalco and the world's leading aluminium producer, invested US$19.5 billion in debt-burdened global miner Rio Tinto Group — China's biggest overseas investment to date.
Source: The Malaysian Insider
We have the "Malaysia, Your Second Home" programme, but the Chinese aren't showing interest.
American government would have to ponder over the influx of these Chinese and may consider to adopt our Malaysian NEP; otherwise, the Americans would some day complain about the rich immigrants who would occupy their land.