Maybe, but they aren't going to invest it all in US real estate, and even if they did, I doubt it would do much to the valuations. The total value of US homes alone exceeds $12 trillion. And that doesn't even include commercial real estate.
The chinese will not invest in US real estate. They learned from the Japanese what not to do. They want american companies with all the attached patent rights, proprietary knowledge and other assets to increase their economy.
They will not buy US RE unless their is oil or minerals on that RE.