Chinese investors house hunting in U.S.

The bottom has been falling out of the U.S. housing market for a while, leaving many homeowners desperate to sell. Help could be on the way from Chinese investors who are looking for bargains.

At the Beijing airport, 40 Chinese investors embarked on a mission to open their wallets on the other side of the world and buy a house in the United States.

"The price is right," said lawyer Yin Guohua.

For him, it will be a home away from home, a place to stay on business and an opportunity to get a deal.

"It sounds cheap," said one businesswoman, "But, I'll have to see it with my own eyes."

Their journey will take them on a tour of bargain and foreclosure properties from Los Angeles to Las Vegas, San Francisco, Boston and New York.

Yin says he's been watching the U.S. housing market for two years. He's willing to spend up to a million dollars, and pay it all at once.

"This could be a positive stimulus for the American economy," said Yin, a family man who already owns three properties in Beijing.

"Our son will have a place to stay when he goes to America for school someday,' said Yin's wife, Shi Yifei.

The house-hunting trip is being run by a Chinese real estate brokerage, Soufun.com . The company says it received hundreds of applications for just 40 spots, from Chinese eager to invest overseas.

But it's also raised questions: Are the Chinese capitalizing on the misfortune of Americans in the sub-prime mortgage crisis? And, is this the start of a dangerous flow of capital out of China, when China's own economy is slowing down?

"It is still a very small fraction of the purchasing power in China. So I don't think this small group of people, because of their personal interest, for whatever reason is going to affect China's demand for property," said Soufun.com chairman Vincent Mo.

Foreigners can buy property in the U.S. under fairly simple guidelines. They may have a bigger down payment or pay more taxes. And investment experts say China's restrictions on transferring money out of the country are relatively easy to navigate.

Yin has his eye on a few homes in New York and LA, but like any smart investor, he says he won't make a deal unless it is a good one.