Posted on 04/18/2020 5:49:28 PM PDT by MeneMeneTekelUpharsin
Chinese investors who agreed to provide millions of dollars in funding for a series of North Texas land development deals are moving to put the projects in bankruptcy. The forced bankruptcy attempts involve suburban land developments in several locations. The developers of the projects say the Chapter 7 filings have no merit and are part of long-running legal disputes.
The development projects — including WALL017 LLC, WALL012 LLC, WALL016 LLC, WALL009 LLC, WALL010 LLC and WALL011 LLC — were launched by companies organized by Dallas-based JMJ Development. Chinese investors agreed to provide millions of dollars in funding for the hundreds of acres in Kaufman, Tarrant, Johnson and Parker counties.
(Excerpt) Read more at dallasnews.com ...
Wish we still owned Smithfield.
The CCP also owns the iconic NYC Waldorf Astoria hotel.
Closed it down for two years to rehab.......and turn suites into luxury condos.
The million dollar condos were put on the market right before the virus hit.
Any takers now .........for CCP property?
Living in Flower Mound.
What are this developments- where are they?
The Chinese economy is going through an apocalyptic period it hasn’t seen in decades. Chinese investors are cash-starved and typically more highly-leveraged than their already highly-indebted US counterparts. As with Japan’s crash roughly 30 years ago, they’re exiting their most liquid investments (i.e. the ones where they’ve lost the least money, and there are cash buyers), typically abroad. As with Japan’s big investors, they will probably end up losing money on their foreign assets, but end up taking far bigger losses on their Chinese investments for a decade or more, and wish they had sold their Chinese assets instead.
Read the story, should give you some information.
The ChiComs are pulling similar tricks all over the world, and in the Third World and less developed nations in particular. They loan huge amounts of money to their corrupt, none-too-bright leaders with major infrastructure or industrial properties (ports are especially prized) as collateral. When the tinpot nation defaults, the ChiComs take possession.
At the same time, it has to be said that there might be no buyers for their Chinese assets at an acceptable price (relative to the loans taken out to acquire those assets), i.e. the discounts to peak prices might be huge. If they can get 90 cents on the dollar for their US assets, and 20 cents on the dollar for their Chinese assets in a forced sale, it’s understandable why they’d unload their US assets and hope for the best.
They are buying us out. I wish Trump had been the president 30 years ago when this sell out to China began.
Can they go for a jury trial? US jurors might not like seeing this take place.
List here:
Play with the devil... Get screwed by the devil... Deservedly so!
TrumpCO would buy it for a song.
No one should do business with the CCP liars and thieves.
Our friends the Chinese communist party
Yep, this reminds me of how Japan thought they were going to take over the world economically back in the 80’s, were buying up everything all the world at inflated prices, and then it all came crashing down!
[Yep, this reminds me of how Japan thought they were going to take over the world economically back in the 80’s, were buying up everything all the world at inflated prices, and then it all came crashing down!]
A good bunch of Chinese investments abroad have been moves in this direction. The problem for Chinese entrepreneurs is that the government rightly sees this (in light of its policy that it should be able to seize any Chinese person’s property at will) an infringement on its prerogatives. So it has acted to force Chinese entrepreneurs to divest many of their foreign purchases and repatriate that capital to China.
A second problem is a hugely-inflated real estate market like China’s always needs fresh cash. It can’t stay at the same level for any length of time, or a crash will occur, as momentum players pull out. So when private Chinese capital invests in far cheaper (relative to the Chinese market) assets abroad, by selling some of their Chinese assets, they are, in effect, sticking pins in the Chinese financial bubble.
When Li Ka-shing’s, Hong Kong’s richest man, sold off his Chinese assets (presumably to avoid having them held for ransom or seized outright by the CCP), this was greeted with accusations of treason by the party’s organs. He is now divesting his holdings in Hong Kong as well.
Hmm. My daughter lives in Johnson County; it has had a population and building boom the past few years. She moved there for quality schools.
I can certainly attest to that. They are buying up all the real estate they can find to buy. The ONLY buyers who ever came to see my co-op apartment (and other peoples' apartments) were Chinese. They sometimes came with bags of cash, I'm told. And they never had to take out a mortgage, never. My apartment's buyers paid cash, too. They are buying up private houses as well, and then promptly adding stories so they can bring over their whole families. I would gladly have sold to non-Chinese buyers, but all the buyers lined up to buy my place were Chinese. Even months after I sold my place and moved to Baltimore, I was still getting calls about my apartment.
This is really scary; the Chicoms are clearly supplying buyers with money to BUY AMERICA. They don't need to conquer us militarily; they're just buying us up, housing and businesses.
Why should I? One must keep up FR traditions, I.e; comment before reading the article.
;-)
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