Chinese Real Estate Investors Descend on California

It’s always a good market for somebody. From the Financial Times:

Chinese bargain hunters are preparing to descend on American cities such as Los Angeles and San Francisco, where homeowners have suffered some of the steepest price falls in the US.

SouFun, the biggest real estate website in China, is organising a trip next month to look at properties in California and possibly Nevada. Liu Jian, the company’s chief operating officer, said about 300 people had expressed interest in the idea in the three days since it was advertised, though the company would take only a small group on the first trip.

“Given the problems in the Chinese market now, many people have been asking us about taking a look at overseas markets, especially the US,” he said. The trip would focus on California, particularly San Francisco and Los Angeles, where big Chinese populations might make his clients more comfortable.

“The US market absolutely terrifies me,” said one Shanghai-based real estate executive. “However, there are plenty of people here who think this a great time for bottom-fishing.”

The US market terrifies me, too. Unless the Chinese can revive it…