Posted on 02/01/2009 7:01:34 PM PST by hreardon
They don’t want to sell it necessarily. China is currently buying up property all over the world, particularly arable land. China has been around for a long long time. They think in a long term scale.
Buy homes and land in other countries. Move people there. They populate and spread out from the areas they live in. 200 years and the chinese will take over North and south America. They are buying heavily in Brazil, and other countries down south.
Those were the Hong Kong Chinese unsure of Chicom intentions. Today many have returned to HK and are comfortable with dealing with the Mainland, however their homes are still kept in Canada as a backup just in case PRC destabilizes or goes anti capitalist. The buyers of the US will be the new rich of the PRC. Many of them will act like princes and princesses, and are very materialistic and will look down at anyone of lesser class stature. Have fun neighbors.
Well there you go. US houses, made in America by the finest Mexican craftsmen, for sale cheap to the Chinese. Will the circle be unbroken?
Maybe the declines are more dramatic in Florida, LA, Las Vegas etc. where they soared at one time.
“Have the prices returned to pre-bubble rates?”
In California median prices are down to 2003 levels, according to the Case-Schiller Index. That’s a drop of over 40% from peak prices. But that is still about 50% higher than pre-bubble prices.
I think it’s likely that we will see prices drop to pre bubble levels before real estate stops its slide. These Chinese investors are just the next wave of knife-catchers on the way down.
Interesting comments. Thanks for that perspective.
May be that some Chinese are getting worried about their own internal situation and want to get some of their money out of country while they still can.
I agree.
Good for 3 reasons.
1) The dollars that China has been hording will come home to the US. Only, instead of going the the government to buy debt, which would be wasted by our elected officials, it will go into the pockets of private citizens.
2) The influx of capital will raise home values across the board so even people who don't sell will see a benefit.
3) Foreign buyers usually overpay for assets. That means Americans who do sell will likely get richer at the expense of the Chinese.
“Being a homeowner they got green cards and also government $250k loans @ 3%.”
Isn’t that great. Chinese investors can be Obama’s version of Bush’s Mexican illegal alien army.
You evidently don’t live near one of the centers of mass immigration.
You have it backwards. The capitalist Chinese are buying homes from the Commie Americans. This country is turning into a socialist hell while China moves ahead with capitalism. China has many problems but it is moving in the right direction for property rights. We are moving in the opposite direction.
I agree - the Chinese people will make better neighbors than many of our US-born potential neighbors. And, in many respects, they live in less of a police state than many western nations.
Could this be the giant sucking sound?
I think they are... hey is that a bunny rabit I just saw.
You don’t understand. When the Chi-Coms make all of our stuff AND own all of our property, we’ll have them right where we want them. On the plus side, we sure taught Cuba a lesson.
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More likely it will be a lot earlier then that, I predict the dollar will slowly fall cease to be the world dominant currency and the the Chinese currency might take over as the dominant currency of the world. If this happens we will be in deep dodo.
why not everyone else is selling America out why should n’t they buy it.
Question: Where do we leave for now?
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