A growing number of mainlanders are heading to the United States looking not for designer clothes or jewellery, but for a US$1m home in New York City or Los Angeles.

'It’s a great time to buy because of the financial crisis, and houses in large cities like New York and Los Angeles will definitely go up in a few years,' one said. The home is an investment, but he’s also planning long-term: He hopes his five-year-old son might use it if he goes to college in the United States.

South China Morning Post