Billy,
You too can purchase property and register it in the name of one of your children (perhaps a student as well) as long as they have reached the age of majority.  Many parents purchase secondary homes at home and abroad and register them in other family members' names as an estate planning tool.  Automatically attributing the purchase to "corrupt" Chinese money is an assumption on your part.  What evidence do you have that the purchase funds for the home were not earned legitimately?