subject: A New Breed Of Property Investors Are Swooping In Like Vultures To Buy In America [print this page] A New Breed Of Property Investors Are Swooping In Like Vultures To Buy In America
Foreclosed homes in the US gained a lot of interest from foreign investors, (mainly from the oil rich countries), now a new group of investors are coming to America to buy up our foreclosed housing.
China is the newest investor to stalk cheap American foreclosed housing.
Even though the Chinese economy is slowing down due to the U.S. recession, Chinese investors are here and they are not just looking.
With housing prices crashing in the U.S., real estate investments in America are becoming more popular in China. Many are deciding to purchase sight unseen.
One major company who organizes real estate purchases sight unseen is Investment Property Vultures. Mainly they offer foreclosures and distressed properties but also, government owned properties. Investors anywhere in Asia including China, Hong Kong, and Singapore can contact them via their website www.investmentpropertvultures.com or email them at info@investmentpropertyvultures.com.
Chinese home-buying missions in the U.S. are part of a broader trend of individuals and businesses in China seeking greater investment opportunities abroad.
Certainly, a wave of Chinese investors won't end the housing woes in the US, where by some measures the median price has sunk more than 40% since the spring and summer of 2007.
But it could help rev up sales in some places, like Florida, home to large Chinese American communities and mentioned by some potential buyers as places of interest.
Overseas Chinese have been buying Florida properties for years. What's different now is that they are starting to do it in large groups and quite openly.
"Before, it was kind of private, a quiet thing among friends," said Jamie Lee, a Chinese American who runs a Convention and Visitors Bureau office in Beijing. "Now it's full-blown. . . . It's huge." Some of these groups "are talking about purchasing multiple homes."
Home prices in the U.S. have fallen more sharply than in China, and many Chinese consider the American market highly alluring as a place to invest and live because of the United States' developed economy.
The Chinese do have a lot of cash to spend. The central government holds the biggest stockpile of foreign reserves in the world, nearly $2 trillion, most of it in dollars. A Boston Consulting Group estimates that there were more than 391,000 millionaire households in mainland China last year, up from 310,000 reported the previous year.
