U.S. Homes For Chinese Home Buyers

Real estate in the United States just recently welcomed new home buyers from other foreign land. Chinese investors were the new buyers of residential properties in the United States. Their number keeps on increasing due to the tour programs done buy people from the real estate business to offer properties on sale. According to the Oriental Horizon program, about 7.5 percent of residential properties in the U.S. being sold at foreign markets were bought by people from China, Taiwan or Hong Kong.

Just like the outlet mall bus tours, SouFun Holdings is starting to organize tours for Chinese investors that might be seeking out for a home at bargain price. This year the company just organized ten tours and got over 500 people interested with the tour. The tours were very well organized making the experience much manageable and thus improving the look for potential investors for real estate without worrying about language barriers. Another thing is that broker agents, representative from law firms and insurance company are standing by for assistance.

One of the partners of a Chinese law firm, Yin Guohua has been enthusiastic about the prices of real estates being attractive and also the many opportunities accompanied within. Yin stated that some of the buyers are looking for a place for their children to live in while studying on schools in the U.S. while others are still waiting for the prices to drop further and that Chinese people are very private about their purchase. However, even if the number of people from the tour who have purchased a property have been defined, the interest just keeps on growing.

Luo Jie, an organizer from the China Swan International Tours shared that some of the customers are still anxious in buying properties. Some of them window shops and surveys what are their options. The tour program utilizes brochures in mandarin language that shows foreclosed properties listings from different cities such as L.A., San Francisco, Las Vegas, Boston and New York. Luo also added that there are challenges for Chinese investors who are interested in making foreign purchase. According to Luo, Yuan is not easily converted in most markets. Only in some circumstances such as trade and tourism it can be exchanged.

A senior manager at Grubb and Ellis New York, Howard Rosen believes that purchasing a U.S. property will be easier if the customer already have an asset here. He thinks that those people whose investments are restricted in China will have a hard time to purchase.

Another possible reason why the number of Chinese people purchasing U.S. properties is increasing is that real estate from major cities here are totally attractive compared with the properties on well known cities in chine like Beijing, Shanghai, Guangzhou.