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Chinese property hunters to raid US
ft.com ^ | December 5 2008 | Geoff Dyer

Posted on 12/05/2008 4:59:44 PM PST by thetru

Chinese property hunters to raid US By Geoff Dyer in Beijing

Published: December 5 2008 20:10 | Last updated: December 5 2008 20:10

Chinese bargain hunters are preparing to descend on American cities such as Los Angeles and San Francisco, where homeowners have suffered some of the steepest price falls in the US.

SouFun, the biggest real estate website in China, is organising a trip next month to look at properties in California and possibly Nevada. Liu Jian, the company’s chief operating officer, said about 300 people had expressed interest in the idea in the three days since it was advertised, though the company would take only a small group on the first trip.

EDITOR’S CHOICE China lectures US on economy - Dec-04Lex: US-China dialogue - Dec-04Paulson in last stand against weaker renminbi - Dec-03“Given the problems in the Chinese market now, many people have been asking us about taking a look at overseas markets, especially the US,” he said.

The trip would focus on California, particularly San Francisco and Los Angeles, where big Chinese populations might make his clients more comfortable, but might also include Nevada.

Restrictions on taking money out of China would be an obstacle, he added, but some potential investors had an overseas connection such as a foreign passport that would make it easier.

Property professionals say there is considerable interest among wealthy Chinese, who often hold a high proportion of assets in property, in investing abroad.

“The US market absolutely terrifies me,” said one Shanghai-based real estate executive. “However, there are plenty of people here who think this a great time for bottom-fishing.”

There is opposition in China to SouFun’s plan. “Unless these people need a house in the US to live in, this is senseless,” said Yi Xianrong, a real estate expert at the Chinese Academy of Social Sciences. “A few years ago there was a lot of talk about investing in German real estate but most of the people who did so lost a lot of money.”

SouFun, owned by Australia’s Telstra, provides information on property markets in more than 100 cities and has more than 40m registered users.


TOPICS: Business/Economy; Foreign Affairs; Front Page News; Government
KEYWORDS: american; china; chinese; homeowners; invasion; mortgagecrisis
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1 posted on 12/05/2008 4:59:44 PM PST by thetru
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To: thetru
SouFun, the biggest real estate website in China ...

"Buying Amewica is SO FUN! HAHAHAHAHAHA!!!"

2 posted on 12/05/2008 5:04:13 PM PST by LiberConservative
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To: LiberConservative
The Japanese tried this trick, too. How'd they do?

yitbos

3 posted on 12/05/2008 5:05:33 PM PST by bruinbirdman ("Those who control language control minds.")
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To: thetru

I pay for a 100,000 Chinese to move to Detroit. Provided they each show a functional AK-47 at customs.


4 posted on 12/05/2008 5:05:41 PM PST by Leisler ("Give us the child for 8 years and it will be a Bolshevik forever. " Lenin)
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To: thetru

Not a bad idea at all.


5 posted on 12/05/2008 5:09:11 PM PST by GOP Poet
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To: thetru

Good. Maybe the influx of buyers will help drive home prices back up a bit. (I know low prices are good for buyers, but for those of us watching our equity sink ever lower, higher prices would really be welcome.)


6 posted on 12/05/2008 5:11:51 PM PST by Maceman (If you're not getting a tax cut, you're getting a pay cut.)
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To: bruinbirdman

“The Japanese tried this trick, too. How’d they do?”

They bot at the (then) top, buying trophy properties out of hubris. The Chinese (in this case) would clearly be buying at semi-distressed prices, perhaps not the bottom. I’m not telling you that any Chinese buyer is going to walk in and snag a deal. I know of plenty of Chinese who bought small apartment buildings out of a belief that “it’s a way to build LT wealth” who will NEVER achive pos cashflow on them


7 posted on 12/05/2008 5:12:00 PM PST by Attention Surplus Disorder (Our government is an edifice of artifice.)
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To: thetru

ping for later


8 posted on 12/05/2008 5:15:48 PM PST by Oratam
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To: Leisler

If they move to Detroit they’ll certainly need a functioning AK if not more.


9 posted on 12/05/2008 5:19:24 PM PST by gotribe (obama just sucks - your wealth away)
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To: bruinbirdman
The Japanese tried this

You wrote it before I could. Nice one. BMTA

10 posted on 12/05/2008 5:21:59 PM PST by Migraine (Diversity is great... ...until it happens to YOU.)
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To: thetru

Kalifornia will hit the new owners up with some hefty taxes, cause Arnie’s broke.


11 posted on 12/05/2008 5:25:07 PM PST by AFreeBird
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To: Leisler

Hell, I’d take 1 million CP members in Detroit, with their AK47s..... they might actually save Detroit and the state of Michigan.


12 posted on 12/05/2008 5:33:46 PM PST by Enchante (Countless Innocents in Mumbai, India Suffer the "Religion of Peace" in Action)
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To: thetru

Wiverside Cawifornia.....gawden spot of West Coast!


13 posted on 12/05/2008 5:37:14 PM PST by BurbankKarl
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To: Attention Surplus Disorder
The point is that ChiComs are not really that good at capitalism, especially when it comes to private property.

yitbos

14 posted on 12/05/2008 5:43:55 PM PST by bruinbirdman ("Those who control language control minds.")
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To: thetru
Alla youa house are berong to us now.

Nice Chinese famiry come live heah.

You get out now. You rive in stleet. We own youa asses.

15 posted on 12/05/2008 5:47:31 PM PST by stboz
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To: bruinbirdman
Yahoo news. 750,000 best and brightest Chinese students competed for 13,500 government jobs.
16 posted on 12/05/2008 5:48:53 PM PST by Leisler ("Give us the child for 8 years and it will be a Bolshevik forever. " Lenin)
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To: stboz

Dwog? We no see ur dwog.

Eh, you want buy ‘spare rib’, eh? Cheap!


17 posted on 12/05/2008 5:51:16 PM PST by Leisler ("Give us the child for 8 years and it will be a Bolshevik forever. " Lenin)
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To: thetru
We came in second recently on two deals in the San Gabriel Valley. Chinese buyers, in both cases, came with cash and went 30 and 50,000 above the list price and blew us and other bidders out.

We're all worried about illegal Mexican immigration and rightly so, but the SG Valley has been seeing a big influx of Chinese and other Asians since the early 1990.

When the defense contracts dried up about the beginning of the Wilson administration, the Chinese, mostly from Hong Kong, put $5 billion into Cal and saved us. Maybe some of that will happen again.

18 posted on 12/05/2008 5:51:35 PM PST by nufsed
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To: Leisler
"Yahoo news. 750,000 best and brightest Chinese students competed for 13,500 government jobs. "

Best ChiCom jobs are in the government. What does that say?

What is a bright ChiCom brain? Come to U.S. at 60% off?

yitbos

19 posted on 12/05/2008 5:55:17 PM PST by bruinbirdman ("Those who control language control minds.")
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To: bruinbirdman
The Japanese tried this trick, too. How'd they do?

Try Pebble Beach fiasco!

20 posted on 12/05/2008 6:06:00 PM PST by danmar (Tomorrow's life is too late. Live today!)
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To: thetru

Maybe they’ll also be able to take advantage of the govt. giving away the store. From the Wall St. Journal (12/3 I think):

“...he and a group of investor partners recently paid about $1.2 million for a bulk purchase of about 800 homes from Fannie Mae. That works out to about $1500 apiece on average. ... Mr. Barnes says he quickly resold for about $50,000 one of the Detroit homes purchased from Fannie for $1800.”

Needless to say anyone who fell for the BS story that the government would make money on their bailout “investments” should look closely at this deal — who else but the government would sell 800 houses for $1.2 million! No doubt Mr. Barnes will make a fortune reselling them for what they are really worth. And the taxpayers will absorb the loss.


21 posted on 12/05/2008 6:17:19 PM PST by freeandfreezing
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To: danmar
Yeah. They didn't do all that well with the Empire State Building.

They did buy some land in Montana to raise beef for export to Japland. That is still a going concern.

The ChiComs will be interesting to keep an eye on. They thought the euro was a good idea last year when it was at its peak.

yitbos

22 posted on 12/05/2008 6:17:41 PM PST by bruinbirdman ("Those who control language control minds.")
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To: nufsed
"The trip would focus on California, particularly San Francisco and Los Angeles, where big Chinese populations might make his clients more comfortable, but might also include Nevada. "

We've got a couple of nice condo towers cheap and a few Station Casinos standing idle.

yitbos

23 posted on 12/05/2008 6:21:32 PM PST by bruinbirdman ("Those who control language control minds.")
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To: thetru

Well, we gave them all our jobs and debt. The globalists should be just fine with us selling them all of our land as well.


24 posted on 12/05/2008 6:22:50 PM PST by mysterio
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To: thetru

It is definitely becoming a bargain-hunters paradise in some areas. I think it’s going to get better yet.


25 posted on 12/05/2008 6:23:30 PM PST by Lancey Howard
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To: bruinbirdman
I don't see the Chinese going into Vegas for houses. We have a glut here and many of them want into the SG Valley, where the culture is thriving and there are many Chinese businesses already in place.

Here's a tell. Drive around Vegas and see how many real estate signs are in Chinese or bi-linbgual. Do the same in Diamond Bar, Walnut or Hacienda Heights and other communities along Hwy 60 or I-10.

26 posted on 12/05/2008 6:30:00 PM PST by nufsed
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To: Lancey Howard
"a bargain-hunters paradise "

Since one of their comrades will be in the White House, they figger their credentials will be checked as thoroughly as Klinton did for the Livermore and Los Alamos labs.

yitbos

27 posted on 12/05/2008 6:32:05 PM PST by bruinbirdman ("Those who control language control minds.")
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To: nufsed
Diamond Bar, Hacienda Heights and Walnut might be Korean signs? That's just about all you find on the golf course ladies' clubs out there. I'm from La Habra before the turn of the century.

yitbos

28 posted on 12/05/2008 6:41:34 PM PST by bruinbirdman ("Those who control language control minds.")
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To: bruinbirdman

If you drive Golden Springs-Colima through the south valley, you will see all the big ones, Chinese, Koreans, Tagalog, and Japanese businesses. I don’t know of any major Kooeran move into residential real estate. Especially cash buyers blowing out the regular offers.


29 posted on 12/05/2008 6:47:31 PM PST by nufsed
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To: Leisler

They’ll need them when they go up against the gangbangers and illegals living in the ruins of Detroit.


30 posted on 12/05/2008 6:49:21 PM PST by factoryrat (Better living through American Industrial Might.)
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To: bruinbirdman

The chinese are welcome to buy all of Baltimore, nobody else will, with a few areas excepted, already overpriced.

The rest is garbaggio, townhouse for 7K earlier this decade, overpriced. Take your pick of the boarded up ones, they aren’t worth the cost to rehab them.

I refuse to go into the city, did that five years ago and didn’t think I’d ever get out. Traffic lights were screwed up on a Sat morning. Had to be on purpose nobody is that stupid.

Wish I could return the yitbos, my frat was Gamma Chi at Drexel. We always won awards from national, but last year our young alumni control board pulled the plug on the house, barred all the brothers, and will re-open the house around 2010 or 11, after all the “brothers” graduate or drop out.

We got the letter from an older ex-ACB member, one closer to my age, aka old, but the reason the plug was pulled wasn’t mentioned, I haven’t inquired why. I suspect activities that may have put the entire house in jeopardy, like underage girls, drinking or drug dealing. We had to throw one brother out for drug dealing back in the ‘60s at the start of the drug problems.

Don’t know how they’ll keep the house in shape until a new brotherhood can be initiated. I’m 90 miles away and haven’t been asked for help so I don’t know.


31 posted on 12/05/2008 6:50:05 PM PST by Eagles2003
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To: Leisler

Neighbor: “Have you seen my dog? it’s gone missing”

Chinese neighbor: “I no see youa dog, did it have fat, round, juicy hind quarters?”


32 posted on 12/05/2008 6:55:24 PM PST by factoryrat (Better living through American Industrial Might.)
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To: thetru

Sounds great. We can use some help to thin out the excess inventory.


33 posted on 12/05/2008 6:58:38 PM PST by montag813 (www.FreepShop.com)
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To: factoryrat

Did you hear about the new Chinese cookbook?
....
....
101 ways to wok your dog


34 posted on 12/05/2008 7:12:22 PM PST by winodog
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To: thetru

Great. Even the Commies are more capitalistic than us.


35 posted on 12/05/2008 7:13:30 PM PST by keats5 (Merry Christmas fellow FReepers!)
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To: bruinbirdman

You beat me to it! (I was going to say the same thing.)


36 posted on 12/05/2008 7:18:12 PM PST by gogogodzilla (Live free or die!)
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To: thetru

Hell, they can probably foreclose on the entire country in a few years if they can’t already.

Heaven help us all......


37 posted on 12/05/2008 7:19:31 PM PST by KoRn
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To: winodog

What do you call a Korean with two dogs?

Rancher.


38 posted on 12/05/2008 7:41:59 PM PST by Leisler ("Give us the child for 8 years and it will be a Bolshevik forever. " Lenin)
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To: bruinbirdman

The Japanese bought high, because their real estate was even higher. Then, their real estates/economic bubble collapsed, and they had to sell fast to raise cash. This looks like bottom-fishing to me.


39 posted on 12/05/2008 7:45:02 PM PST by Fishing-guy
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To: Fishing-guy
The Japanese bought high, because their real estate was even higher. Then, their real estates/economic bubble collapsed, and they had to sell fast to raise cash. This looks like bottom-fishing to me.

At worst, they broke even on their US real estate investments. That's more than they can say about their Japanese purchases, which went down 90% from the peak.

40 posted on 12/05/2008 8:04:27 PM PST by Zhang Fei
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To: stboz

Tea alllllll over. LMAO


41 posted on 12/05/2008 8:08:14 PM PST by AirForceMom (God Bless the USA)
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To: AirForceMom

You eat arr youa meramine? Must be memba of crean prate crub.


42 posted on 12/05/2008 8:13:16 PM PST by stboz
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To: thetru

I smell a reality show in there....

Calling HGTV


43 posted on 12/05/2008 8:55:54 PM PST by Feiny (oooOOOooo look out the FR police are watching you post)
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To: keats5

A bitter irony to say the least.


44 posted on 12/06/2008 8:35:22 AM PST by Niuhuru (Fine, I'm A Racist and Proud Of It!)
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To: thetru

btt


45 posted on 12/06/2008 12:26:09 PM PST by Cacique (quos Deus vult perdere, prius dementat ( Islamia Delenda Est ))
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To: bruinbirdman

The problem is that in large measure immigrants don’t assimilate. The Draft is over, there is no shared experience and very little in the way of patriotism, by and large.


46 posted on 12/06/2008 4:41:49 PM PST by MSF BU (++)
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To: bruinbirdman

Been to Hawaii lately???


47 posted on 12/06/2008 11:48:16 PM PST by stevie_d_64
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To: stevie_d_64
Lived there in '76. Hawaii Kai, Diamond Head way. Worked in Pearl City. Did a lot of business with military veteranarians.

yitbos

48 posted on 12/07/2008 12:33:52 AM PST by bruinbirdman ("Those who control language control minds.")
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To: bruinbirdman

Ahhh yes, the Pearl City Tavern...

...military veteranarians...hehehe, yer killin’ me!!!


49 posted on 12/07/2008 5:47:55 AM PST by stevie_d_64
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To: thetru
To put this article in perspective, Americans buy in foreign markets as well. It isn't uncommon for Americans to go to Mexico or South and Central America to buy a second property or retirement property. Or elsewhere in the world. The Chinese are merely doing the same when buying property in America. Except now, the prices are more inviting.

In an increasing global economy, we focus on foreigners buying American soil. But we forget, Americans have been investing and buying property overseas for the last century. Some of the buying, is merely flowing back this way.

50 posted on 12/07/2008 1:42:09 PM PST by ponder life
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