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
What’s your opinion? Leave your comments below or send a letter to the editor.