Currently US estate tax exemption is $11 million a person. This means you can leave somebody property up to $11 million after your death, without paying any estate tax.
In US tax code, gift tax and estate tax are treated as the same thing (unified credit). This means that $11 million, you can either give out as gift when you are alive, or leave behind after you are dead.
So you can gift your parents the house in China, and just file form 709 saying you gave them a house worth let's say $1 million. After you are dead, IRS can look at all the 709 forms you filed over the yeaers, and decides that Your estate tax exemption will be reduced from $11 mil to $10 mil becuase of the $1 million gift you gave to your parents.
And after your parents passed, because they are not US persons, and the propety is not US property, the house is not subjected to US estate tax.
If you have any questions, please google "gift tax estate tax unified credit" and "IRS form 709".
