The Financial Times first reported on that delegation of Chinese buyers coming to pick over the bones of our real estate market and now ChinaDaily.com follows up, announcing the group will arrive March 24 in Los Angeles. A 40-something Beijing lawyer tells ChinaDaily, "I plan to buy an apartment in Los Angeles or New York, with the total price hovering around $1 million." According to the news outlet, the "40 members were selected from more than 400 applicants. Most of them, aged 35-50, are executives from real estate companies, enterprise owners or senior managers of multinational corporations." [ChinaDaily.com]
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