While a number of Chinese have come to the U.S. in hopes of purchasing a house in the past, a new trend may be on the rise: organized group house-hunting trips. From Calum MacLeod of USA TODAY:
But houses are assets that individual Chinese with money can try to cash in on.
“Once Chinese accumulate some capital, we want to find an outlet,” says Shen Yue, a Chinese film producer. “China is growing richer, but this is still a country run by the Communist Party, which inherently distrusts private property. The party’s power is more than the rule of law. That is scary, and we cannot be sure about changes in the future. The U.S. market and social system are more stable.”
Shen, who already owns four houses in Beijing and Shanghai and who hasn’t been to America, says he wants to take a future Soufun.com house-hunting trip to the United States and spend up to $500,000 for a house.