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 People’s 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 PRC’s 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 ...
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.
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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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