Chinese hunt L.A. for real estate bargains

12/10/2008 | Los Angeles Times (tiered subscription model)

California's housing woes have inspired a new type of tour group: The Chinese bottom fisher. Convoys of Hummers and Lincoln Navigators have been prowling Los Angeles neighborhoods, filled with well-heeled residents of Beijing and Wenzhou who are shopping for bargain American digs. New U.S. visa requirements and looser Chinese investment laws have brought into the open a market segment that used to stay mum.

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