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Rich Chinese fly in to buy bargain homes in US

泰晤士报   2009-02-18 10:17

[摘要] China's economy may be cooling rapidly, but that doesn't mean that Beijing's super-rich are feeling the pinch. On the contrary, many see the global downturn as a chance to buy a bargain - wherever it might be.

China's economy may be cooling rapidly, but that doesn't mean that Beijing's super-rich are feeling the pinch. On the contrary, many see the global downturn as a chance to buy a bargain - wherever it might be. That's why a group of them will be setting off this month for a shopping spree in the United States.

They will not be splashing out on jewels or designer suits, but on houses foreclosed in the recession.

Such is their hunger for a property bargain that a trip organised by SouFun Holdings, China's leading property website company, was heavily oversubscribed. The 40 who will make the tour expect to be buying properties costing several hundred thousand dollars.

Mo Tianquan, the chairman of Soufun.com, told The Times that his clients were hardly run-of-the-mill Chinese in a country where GDP per head is about $4,000 a year. “These people are not ordinary members of the masses,” Mr Mo said.

Soufun received 400 applications for the trip and whittled the number down to 40. The group will visit San Francisco, Las Vegas, New York and Boston. Mr Mo said: “Most members of the group are between 35 and 50. They are looking for houses and apartments in the $300,000 to $800,000 [£208,000 to £555,000] range.”

These are successful entrepreneurs or professionals who already own at least one property in China. They are looking for a home to accommodate a child while at university in America, or simply an investment opportunity.

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