Wealthy Chinese Taking Advantage Of Slumping Economy
What's going on? A bit of capitalist backscratching? American companies use the poor of China to make products on the cheap while Chinese Investors take advantage of destitute Americans?
BEIJING (AP) - While China's ultra-rich have been buying property in the U.S. for years, the buying tours are new, made attractive by still-rising Chinese income levels and American real estate prices that have been falling for two and a half years. More than 100 Chinese buyers have joined such tours since late 2008, according to Chen Hang, the China-born vice president of real estate at Fortune Group. The Pittsburgh, Pennsylvania, company shows foreclosed commercial property to Chinese buyers.
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