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.
I know, it doesn't surprise me. In the end, that really is what most people on the FR aspire for the rest of the world. To ensure the US (or the West) has no challengers. And it is hidden behind the mask of anti-communism.
Non-sequitor. The subject is Communist China. They are in fact Commies. They are not the rest of the world.
yitbos
You know the stable of ‘free traders’ here on the forum are still pushing it, in spite of the evidence before them that “free trade” causes a race to the bottom. Apparently the Chinese think we’re there.
I won't argue with you there. But my comment still holds true....that is, hiding the real intent behind the mask of anti-communism (or any other anti-something). Whether it be China or any other non-Western country. If India was doing what China was doing, then the mask would look different of course.
Sure. That was said of McCarthy, too.
Beat at the topic at hand, resort to another subject. Won't work. McCarthy was right, too.
yitbos
Anti-communism is bad? No mask here. Anti-communism is no vice. Love of the United States of America against all enemies foreign and domestic (and at FR) is a virtue.
yitbos
Precisely!
I did say anti-communism was bad or is a vice. I support a world that is free of communism. Henry Paulson fights communism all the time. He just uses a different methods than you.
Sure. That was said of McCarthy, too.
Well, history hasn't judged McCarthy very well. And neither do I. I don't like his method.
Beat at the topic at hand, resort to another subject. Won't work. McCarthy was right, too.
Fine, I'll quit accusing you of trying to maintain a Western dominate world order then. Then, I merely disagree with you on how communism should be fought. From the small business owner to the President, everyone believes that the best way to fighting communism, IN REGARDS TO CHINA, is through engagement. And from my vantage point, it is working. We merely disagree on the method.
Love of the United States of America against all enemies foreign and domestic (and at FR) is a virtue.
I absolutely agree with you. However, I may have a different definition than you on who the "ENEMY" is. Whether foreign or domestic. I can remember a decade ago when Timothy McVeigh blew up the Oklahoma City Federal Building. When they arrested him, my immediate thoughts were "domestic enemy". I was surprised and shocked how many good ol boys ran to his defense and criticized the government.......oh, wait, I'm sorry I'm digressing....never mind.
I didn't say anti-communism was bad or is a vice.....
They'd sure fit right in with the Commies running the state bureaucracy.
Why do ChiComs want to buy property in U.S.A? Because there is no private property in Red China. So why does ChiCom dictatorship allow the purchase of private property abroad? Corruption.
yitbos
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