Chinese property hunters to raid US

Chinese property hunters to raid US

www.ft.com

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

(visit the link for the full news article)

This is beyond interesting. Not only is it a disturbing sign of the times, but it also may harbor some light at the end of tunnel in a global sense.

We've heard alot of crap about what would happen if China called in it's held debts from America. We've also heard about how China has set herself up to be an economic superpower if America was to falter. Simple truth is, the world's wealthy still view America as a desirable destination, that's good news. It is also interesting to note that this marks a very important change... money coming into the US from outside the country. True, it isn't going to happen on a volume which will have a major visable affect, but it is a step towards America once again being a destination for international wealth rather than a source of it.

www.ft.com
(visit the link for the full news article)

Somehow it doesn't seem right that non-citizens should be able to buy real estate in our country. It's kind of scary to me.

I knew it, we're being evicted for getting too far behind on rent. Bush should have stopped borrowing! While they are moving in, more Americans will be moving to the streets. Soon this will be Chinerica, where the Chinese live in the houses Americans once owned, and the Americans live in tent cities and serve the Chinese.

reply to post by sylph hugger

Yeah, that just seems a little too convenient.
Shouldn't we be worried?!
I think to the banks and investors in the long run
simply see that a dollar is a dollar is a dollar is a dollar.

And what exactly is a dollar?!

I say take their money.

If things hit the fan then we could do like every other country and nationalize all foreign companies who do business in the US and they leave with nothing. Kinda like what Chavez does in Venezuela.

reply to post by sylph hugger
[Somehow it doesn't seem right that non-citizens should be able to buy real estate in our country. It's kind of scary to me.]

Indeed it is. In Thailand, there are very few public beaches- many greedy foreigner multinationals have secured beach front properties for their private uses.

Poorer Thais are one of the most exploited peoples on Earth, but I don't see it happening in America- Americans have guns and nasty attitudes- Many Thais don't.

Problem is that foreigners can't own land in China but they are allowed to buy land here.
The lack of reciprocity is part of the US foreign/domestic policy failure here. (Assuming that the policy to fail wasn't intentional) Export our income and import our consumption. Then they sell off what we used to own because we have no income left to consume with.

Most contries restrict foriegn businesses operating within their nations, and the ability of foriegnors to buy property, and we need laws to prevent our country from being sold on the world market. This is something worth writing to your congressman to protest.

Originally posted by badgerprints
Problem is that foreigners can't own land in China but they are allowed to buy land here.

I get a flyer in the mail once every couple of months from my real estate agent (bloody mailing lists) offering condos and the odd executive home for sale in Shanghai.

I don't think it's that they can't, it's that most people just don't.

You shouldn't be worried. Just pay your bills to the world you robbed. Looks like it's payback time, big time.

reply to post by sylph hugger


Then I think me and my family, who are non-citizens, but live in the US, would be out of a home.

Shattered OUT...

Originally posted by cluckerspud
reply to post by sylph hugger

 

Yeah, that just seems a little too convenient.
Shouldn't we be worried?!
I think to the banks and investors in the long run
simply see that a dollar is a dollar is a dollar is a dollar.

And what exactly is a dollar?!

Haha, forgive me if I missed the sarcasm. But are you guys kidding? People are willing to come here and buy up homes with no domestic owners, and potentially inject out of country funds into your economy and your worried about that?

Hehe, so much of the US is owned by foreigners the numbers are staggering. I think if your first worry is that foreigners (oh NO!! THE CHINESE!!!!!!) are buying cheap property here, then your livin in a bubble.

Now dont everybody panic!

The same thing happened back in the 80's when Japan was supposed to be the next Economic Superpower

they went around and purchased a bunch of businesses look around

Sony Pictures, the Nissan pavilian ETC.

Dont panic it's not like they can take it back to china and guess what they are paying taxes here in the states on it $$$$ CHA-CHING

lol at the paranoia here..so what...the chinese are hardly going to flock to america simply because culturally they are a very inward society and dont care much for the rest of the world...but its good,so many chinese its a shame we dont see more of them coming to the west...anyway these people are just looking for a nice bargain like anyone else.

I wonder if the money that the "investors" will be bringing to the US to do the buying is going to be financed by our own tax payer money.

Why? read this,

Just one month after receiving $25 billion form the Treasury to stave off disaster, Bank of America spent $7 billion to increase its holdings of China Construction Bank.

In mid October Bank of America was one of the hand-selected institutions to receive the first phase of the $700 billion bailout package. As one of the world’s largest banks, Bank of America was deemed suitable for a cash infusion by the Treasury Department in order to shore up its assets and get the bank to open up its channels for lending. Bank of America is apparently lending, but it is lending overseas rather than to beleaguered home and business owners in the United States who desperately need a hand.

www.economyincrisis.org...

Americans can not even save their homes but our tax payer money may very well be the one to buy the homes for the Chinese.



[edit on 8-12-2008 by marg6043]

reply to post by burdman30ott6


The advantages of the Chinese (or any other foreign investor) buying into our real estate are :

1) Any buyer tends to push real estate prices (back) up. Good, we need more buyers, not sellers in this crisis.

2) The fact that there are foreign buyers says that they have confidence in our market and believe this is a real estate price bottom. Good news.

3) Domestic ownership of real estate by potential military adversaries discourages military action. They probably won't bomb LA if they own LA real estate! More good news as China is somewhat of a loose cannon in the military sense.

4) If they buy the real estate they will probably maintain it properly to protect their investments. This includes renting to qualified renters who will not destroy their property thus discouraging neighborhood deteriation.

Its not just the Chinese coming here for the super deals, the Saudis and Russians are enjoying the low prices as well

We just had a group of Japanese inventors here in Pinal county looking into
investing in new business here with the low prices.

If they want to build something that creates jobs here I am all for it.
God knows no one here has the money.

Now if they were buying up homes, it is bad in that it brings in all the problems with rentals, but that goes for any investor.

very short - rich foreigners are buying their Nth homes in US - just in case.
they will only invest in high end properties. they can affort it.
we - the people - the simpletons - with our simple housing will be
left in shadows. forget it. it was the same with japanese 30 years
ago - they were buying only high-end properties. this never really
grew anyways. this marketing gimmick will too fail very fast.