Skip to comments.Chinese money rushing into U.S. residential real estate
Posted on 01/12/2014 12:01:29 PM PST by SeekAndFind
New York) - The strong recovery of the housing market is attracting international buyers in record numbers reaching $82 billion in 2012. The National Association of Realtors (NAR) reports that after Canada, the Peoples Republic of China (PRC) shows the strongest demand for U.S. residential property.
The Manhattan skyline has long been a magnet for global real estate investors, but travel ten miles away from the island to Flushing, Queens and you'll find Sky View Parc. The development is one of a growing number of properties in New York City and around the country in which Chinese nationals are investing.
A 1,300-square-foot apartment with a large wraparound terrace sold for nearly $1 million dollars at Sky View Parc. Walking through the building, it's easy to forget you're not in one of Shanghai's glimmering residential towers -- yes, the building is that posh. To some, the appeal of this development is convenience (several big-box retailers occupy the ground floor) and familiarity Flushing has one of the largest Chinese-American communities in the country.
Others are emboldened by the PRCs loosening restrictions on the flow of capital and are now looking to invest in American real estate. Evidence suggests these buyers are now expanding their search for properties beyond traditionally upscale areas of the country and New York City. "Brooklyn, the Bronx, Queens, the Chinese are not just buying in Manhattan," said Helen Lee, an executive at Onex Real Estate which developed Sky View Parc.
(Excerpt) Read more at america.aljazeera.com ...
There appears to be a race between Mexico and China to see who will take over America first. My money is on Mexico but I won’t be learning Spanish until it’s all said and done.
Drive up them home values. Sounds like a good idea to me.
You can expect rent to rise rapidly where the Chinese are investing. Ten years ago, in my city, I could get a one bedroom for $400/month.
Now, there is nothing decent for less than $800/month.
Are foreigners allowed to buy land in China?
I do not believe so.
At the very least, not non-Chinese.
China is quite focused on race. Big time.
I read, on another thread, that China is sending products to Meheeco for processing/packaging, so they don't say Made in China....nothing surprises me, anymore.
Why would we let them buy our land if we cannot buy their land? That shouldn’t be allowed.
Yes, but when you sell you have to keep the profits inside the country.
However, no one wants to invest in Chinese real estate, because their bubble is about five times the bubbliest that California got before the crash. This is why they are looking abroad, because we look cheap to them. Like the Japanese in the late 80s, who were buying up American real estate, we will end up with a bunch of nice buildings that they can't move back, and had to sell at a loss.
China is (much) different from America.
I don’t think a lot of people, realize how different.
Are you sure westerners are also welcome to buy land in China?
I know there was a difference based on whether one was “Chinese” in heritage or not. Can’t really imagine that has changed.
China is still a communist nation.
I was told by a white American woman living in Hong Kong a few years ago that she could by houses, even in mainland China. The profits had to stay in the country though, which was the only restriction she mentioned. I don’t know if she had to be legally able to work in the country, or an out of country foreigner could also buy. If she had done that when we were talking about it, it would have been a very good investment for her. But today, it would be a terrible investment. This is why Chinese are looking elsewhere.
I have no problem with this. I remember it was the Japanese, and people were panicking. I said “Why? They aren’t going to pick it up and take it with them. It just drives up the price of my house.”
In many countries foreigners aren’t allowed to buy real estate.
I’ve been buying properties here in Palm Beach county (3 in the past 4 months) and can attest that the Chinese (and others) are snapping up stuff here left and right.
OK I’d be interested to hear more.
My information is not current, so things could have changed, but my information is that no foreigners could own land in China.
Any additional information on this? Mine isn’t current, so it could have changed.
Would be interested to know the current situation.
Not being able to repatriate money is a huge drawback.
I think there is a lot of that, working in the commercial aspect also.
So all the “American” companies working there, cannot currently bring their money home.
Like I said though, there are huge differences.
“Now we got’em where we want”em!!!! Our old Japanese real estate scam./s
Sky View Parc is within walking distance of Citi Field and one can only hope such a walk will be safe. A great site for Mets fans.
We’ve been through this before with the Japanese and then the Arabs. It proves America is still a good investment and that the Chinese and other foreigners expect the housing market to recover.
There are five times the number of Chinese, as there are Americans.
China needs to be taken very seriously.
It is massive. We really need to be careful with how much we give away.
I’d still like to learn for sure, whether we have a reciprocal right to buy Chinese land?
I don’t believe we do.
I don’t have any more information about that. The woman didn’t buy anything because she had always been planning to move back to the US. I really, really would not recommend buying Chinese real estate. There is a reason the Chinese preferr investing outside China. It would be much better for you to be selling to them here.
The Medicaid takeover of Extortion-Care begins. And these are not the Japanese, China’s population ++
Agree. We don't "reciprocate" too many of our laws/other country's laws. Including "immigration" laws.
Well my opinion is that there is no way for a westerner to actually live in China.
One can work there, but one is always “temporary” so I would never live there.
I am curious now though. We do not have reciprocal rights I know. I do not believe we should be quite so generous with the Chinese, when they are not open to us.
With five times America’s population, this is a very meaningful relationship, and it will not become less important.
We must have an equal and sharing relationship.
In my opinion, that is not currently the case.
This is why I am so concerned we seem to be blindly rushing to ever increase the amount of business we send there.
Lotta people here will be waxing poetic about how wonderful it is that the money is coming back here to buy land.
Uhh, I work with a lot of them. They all say, “Gosh - there’s so much space here, why, there’s room for lots more people!”...and they don’t mean lots more Bulgarians.
Note that the same courtesy will not be extended to Americans should they wish to relocate to Guangdong province for a job..that used to be theirs.
200 million Chinese will be a small fraction of their population that they’d love to be rid of. The rich guys buying land now are just an advance party, clearing the way for the millions to come.
And if you think they’re just gonna try to fit in and assimilate...that’s not the plan.
Racists like Amy Chua show you what the real interest is.
A lot of those properties lost value in the 1990s real estate crash and were taken over by other owners......
Sounds like a repeat of the 1980’s
....as they say, “you can buy all of it you may like”. “Just remember prices go up and prices go down”.
..and nobody ever found out how to move it with a moving van.
Not far from where I live is a highly-rated high school whose reputation has spread to the Far East. It is said that a Communist Chinese bureaucrat will use the money he rakes in from bribes to buy a house nearby so as to send the son he is allowed under China’s one child per family law to this school to get a first-class education.
Mexico will be nothing more than a provider of cheap labor.
My bet is on the Chinese.
Having your grandchildren learn Mandarin gives them a leg up for business success in 2030.
China to own, Mexico to work and American citizens to sit on their butts and wonder what the hell happened......
The question is. Will all the communist Chinese immigrants who are buying all our expensive houses for cash ...switch from lexuses ( Lexii?) to the new Chinese cars that are coming Into USA soon? (AnD will this make them any better drivers?)
And to play with their "Smart" phones.
We feel it big time here in Silicon Valley. Not only do the Chinese bring their money, Chinese stores and shops are popping up everywhere. In some towns, you now see more Chinese signs than English. Walking the streets in our little town, you’re almost more likely to HEAR Chinese now than English. The money inflow is nice, but the cultural transformation is shocking.
Isn't that a fact!
"Smart phones" = grown-up pacifiers.......
I'm stealing that! :o)
Ten years ago, in my city, I could get a one bedroom for $400/month.
Now, there is nothing decent for less than $800/month.
When I was a toddler a GROSS INCOME of $400. a month was the impossible dream for most people, at least in this area. No one other than someone in the professions or a fairly high level executive imagined he would ever earn as much as $800. a month in his entire life. Now surviving on $800. a week is difficult in most locations. I would not be surprised if I soon see a time when making it on $800. a day or even that much an hour becomes impossible.
“Ten years ago, in my city, I could get a one bedroom for $400/month.”
Ten years ago I was renting a 2 bedroom for $1500.00 a month. Rents are regional.
OK here is what I found:
“A foreign investor is not allowed to buy land in China. The land in China belongs to the state and the collectives.”
There is a law passed in 2007 which is incredibly long, but that appears to be what the situation is.
Foreign investors are not allowed to buy land.
Just saying. Seems to be still true.
This may be a takeover.
Not by the Chinese (Communist) government, but by Chinese people that want more property rights than they have in China. They may intend to come and stay permanently, gain citizenship and political office with the help of minority preferences, and then,...
Switch sides, strengthen property rights, install policy favorable to small business entrepreneurs, and leave the other minorities behind.
Right now, in California, Asians have the best grades and graduation honors in school, best job prospects, highest income, highest producers, smallest group of criminals, and close knit nuclear families, like children, plus many are Christian.
“plus many are Christian”
Long ago I was taught that there was a prophecy about the end times where China and Russia were to join ranks and invade Israel, but China doesn’t show. Always wondered about that. We have had missionaries there for a long time. Haven’t listened to pre-trib prophecy for almost as long so I am not up on it anymore.
Mexico can't afford it. The Chinese will need cheap labor for their colonial activities here.
The Chinese will learn what the Japanese did in the 80's; you can't take the property back home.
I grew up in Monterey Park, CA tell me about it!
RE: I was told by a white American woman living in Hong Kong a few years ago that she could by houses, even in mainland China. The profits had to stay in the country though, which was the only restriction she mentioned.
Well in which case the profits have to stay in a bank IN CHINA.
Next thing -— Did she ever consider one thing -— ACCORDING TO AMERICAN LAW, her profits in China are TAXABLE HERE IN THE USA?
It’s a crime NOT TO DECLARE her profits in China.
And if she keeps the money in a Chinese bank, any interest is earns in that bank HAS TO BE DECLARED AS INCOME IN THE USA.
We are one of two countries which does not recognize a territorial system. You are taxed as an American FROM ALL SOURCES OF INCOME IN THE WORLD.
There was a time when you could keep your money in Switzerland and it will be a secret account which the IRS does not know about. All that has changed when the Swiss capitulated to American political muscle.
China is so far, one of the few countries that can stand up to the USA and tell our government to stuff it.
I am sure the Free Trade Communists, who support Free Trade with Communist China, will have some liberal spin on this
Just think, it wasnt too long ago Free Trading with a Communist enemy got you Executed for Treason. Now we have fake Conservatives claiming Free Trade Communism is a Conservative idea. I am sure Karl Marx would be quite stunned to hear he advocated for something “Conservative”
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