Wealthy Chinese property investors looking to buy in the US
They’re organizing tours for rich Chinese real estate investors to the US. It’s not a coincidence, relative property prices are far lower now even in major American cities than in China, for example comparing NY, LA to Beijing, Shanghai or Guangzhou.
China is accumulating wealth pretty fast, a recent study shows that there 20% more millionaires in the country than a year before. The asian country was hit hard by the global economical crisis, but analysts say that the relative damages are lower than in the US, given that China is expanding rapidly.
What could be good news for North-American investors is that Chinese will have a hard time buying properties unless they already have assets in the country. But who knows, the game may change because the desperate sellers will do anything to solve their own financial problems.