Chinese blow-out sale: Fail
From Curbed.com blog
By Curbed.com, Friday, March 20, 2009.
China Daily is reporting that the recent Chinese real-estate caravan -- where a group of Asian investors dropped by U.S. shores last month to buy up bargain-basement real estate in San Francisco, Las Vegas, New York, Boston and Los Angeles -- was a major bust.
Apparently, unless Chinese investors have their cash in Hong Kong or U.S.-based accounts, they probably won't qualify to buy U.S. property.
Also adding to the disappointment was that of the 40 people who were supposed to come, only 21 investors made it, and it's not clear how many of those actually placed offers. The China Daily piece says this whole thing may have been hype: "Industry experts said the trip did not appear to be a serious attempt to buy property."
Things could change -- according to The San Francisco Chronicle, Chinese buying trips -- those that actually produce results -- could resume if American real estate proves itself a bankable short-term investment once again.
Copyright (c) 2009 Curbed.com LLC
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Submitted by Joseph Bridges on March 20, 2009 - 5:06pm.
A "bankable short term investment"? Real estate is a long term bankable investment.
This very comment shows a lack of understanding of real estate as an investment vehicle.
If investors from other countries can find a better investment than US real estate I recommend they put their money their however I find it hard to believe that over the long run that they will or they wouldn't make the trip here.
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