Chinese House Hunter Eyeing the US Property Market

A group of Chinese from China is heading down to the US on 24th of Feb go hunt for bargain houses at foreclosure prices. According to the chinese website, more than 500 people has sign up for the trip. Only roughly 50 affluent house hunters from all across the China are being selected for this coming trip.

The tour include de-stress houses from Boston, New York, San Francisco and Los Angeles . Their mission is to find investment property at the range of $300k to $800k apiece.

The tour is being organize by Soufun.com, China’s leading real estate website. This is the first overseas buying trip for the real estate firm whose name in Chinese means “search for houses”.

This buying spree might open up the interest from the Asia investor which will in turn create a reduction of the housing inventory in US and thus create demand in the future. If the government in US encourage more affluence buyer from the east, this will solve the housing problem at a faster rate.

The Chinese with loaded cash will be itchy for the piece of land or houses in the far west. This trip may not be the last and it may just be the beginning of a new influx of the east buyer in west.

This is definitely a good news to the housing industry in US.

For more information please check out the website www.soufun.com