Second Chinese house hunting group to depart for US in Apr.

With the excitement aroused by the first house hunting group yet to fade, the second group is scheduled to depart for the US in the middle of next month. The number of applicants has already surpassed 200, said the organizer.

The 40 bargain house hunters of the first house hunting group discovered that house prices in the US have yet to hit their lowest level. In a lot of the communities and school districts with good conditions, house prices have not fallen, and are currently still on the rise.

Since the itinerary of the second house hunting group was decided, we have received masses of letters and telephone calls from applicants and foreign agencies seeking cooperation, said the organizer. “We receive at least 20 to 30 consultation telephone calls each day concerning the bargain house hunting group bound for the US. At present, the number of applicants has exceeded 200.”

Other countries are also listed in the Chinese investors' bargain house hunting plan besides the US. To date, they have received telephone calls and emails from related agencies in several countries, including the UK, Japan, Australia, Switzerland, Singapore and Spain, hoping to cooperate with the organizers to jointly sponsor a Chinese house hunting group.

The first house hunting group recently returned to China from the US amid questions and controversies asserting that the opportunity for bargain hunting has not yet come.

According to some members of the first house hunting group, house prices in cities like Los Angeles and Las Vegas have indeed experienced adjustments, with prices for some houses falling over 300,000 USD. However, in areas that have good school districts, good location, inflation-proof value and relatively high return on investment, housing prices have not eased much. For example, the housing prices for communities near San Francisco, including Woodside, Atherton and Portola Valley, have witnessed 14 to 37.9 percent rises in the average price of an apartment in 2008.

Similar to the first house hunting group, members of the second group will mainly target houses that, partly due to the subprime crisis, have relevantly low price but appreciative prospects.

Source: People's Daily Online