By Calum MacLeod, USA TODAY
More than 40 affluent house hunters from across China will begin a trip to Boston, New York, San Francisco and Los Angeles on Feb. 24 in search of cheap homes to buy. Their goal: to find investment property and housing their children could use when they go to the USA to study or work. Their budget: $300,000 to $800,000 apiece.
"U.S. house prices are lower now, and we'll also be looking at low-price houses auctioned off by the courts," says Zhao Xinyu, a manager at Soufun.com, China's leading real estate website and the trip's organizer.
This is the first overseas buying trip for the real estate firm, whose name in Chinese means "search house" and which has organized house-hunting trips inside China. It may not be the last.