Posted on 03/24/2016 8:44:19 AM PDT by SeekAndFind
Ain’t globalism grand?
I have never been West of Kansas but from many of the TV shows and movies made in Vancouver there seems to be a lot of Chinese and Dutch in the area.
The same thing is happening in some American cities too, mostly on the west coast. We are seeing Chinese buyers push up the prices of housing.
Can’t we simply pass a law banning foreign ownership of single family housing? Is this more complicated than that? Why do Chinese have some constitutional right to buy up American assets as a hedge against what happens in their own country??
This is happening in Los Angeles too. I hear, however, that the Chinese government just clamped down on money leaving the country, and now there is a $50K limit per week! This will cause long closings and dampen the housing markets considerably.
The same thing is happening in Seattle, but I don’t know how much the Chinese are involved at the family-home level.
My parents bought their house in 1963 for $23,000, and now houses on the same street have recently sold for $1.3 million, $1.1 million, $910,000, and $740,000. The house that went for “only” $740,000 is nearly 100 years old and has one bathroom, although it is in excellent condition.
[The same thing is happening in some American cities too]
I wonder if they plan to move them here and move us there (ghost cities)? /s
Since when have 18-24 year-olds EVER been able to afford to buy a house?
2. Chinese wealthy know something very bad is about to happen in China. What could it be?
The US$ are being returned and the bubble will pop leaving som Americans with the bucks and the Chicaps with real estate that has dropped in value.
In vancouver, there will be a bloodbath of dead Chicaps
Housing prices in Canada are nuts. Ever watch the show ‘Love it or List it’? They film a lot in Canada. They’re fixing and showing homes that are worth about $200,000 and they’re listed for a million plus. Crazy.
In order to cash-flow, that house, pictured at the top, would have to rent for more than $10k a month. No problemo, hombre?
Since we get to buy Chinese-made goods on the cheap, it’s only fair that the Chinese grossly overpay for real estate.
When the bubble bursts, their new-found wealth will evaporate.
Tough.
The rope to hang ourselves....
Could there be crackdowns in China, another Tien a Mien Square (sp?) Massacre in China’s future? In spite of all the free market reforms in China, let’s all remember that China is still a totalitarian country, nominally communist but definitely ruthless and totalitarian.
The same thing happened to the Japanese during their buying up of properties in the US. The prices dropped through the floor.
The Japanese and Chinese can buy it, but they can’t cut it out of the ground and take back to their country.
If they want to throw their money away on this stuff, more power to them.
No time to read the full article right now so can someone tell me if they are buying them to resell them, rent them out and if so at what prices, high, low or medium prices? Or do they plan on moving there and living in them now or some time in the future?
Yep. Just like the Japanese in the 80s.
Why would we want to do that? The money is going to American sellers and is at least flowing back into the US economy from China.
Japan did the same thing back in the 70s with commercial re-estate and drove prices sky high only to loose their butts when the bubble burst.
They know what their doing is risky but they have calculated that it is less risky than investing in China.
——If they want to throw their money away on this stuff, more power to them——
Their problem is that all things considered, even the prospect of a decline in value, investment in american and canadian real estate is safer than other alternatives.
however, the chinese like to gamble and in vancouver have placed vets against very long odds
I’ve long believed the point you made in item #2 since she basically adopted a form of “openness”.
Modern China seems, IMHO, a really, really tall house of cards.
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