I remember when the Japanese thought this was a good idea.
Purchasers from Communist China are already responsible for over half the purchases in many California cities and towns, and have been for several years.
The leading real estate brokers fly to Shanghai and Bejing and hold sales seminars there selling used California tract houses, etc., on the spot.
Realty brokers also meet buyers visiting California from Communist China, picking them up at the airport and taking them on purchase tours before returning them to the airport so they can go home.
This is big-time business, not just an occasional sale or two. Also, Communist Chinese come to visit USA (and we are told, many stay here). You can see the changing demographics of entire cities ... just by opening your eyes....
The premise of this article is nothing new.
FYI.
and, not to over-generalize but.... you can see the Chinese women’s distinctive driving methodology from a mile away ..its quite amazing and definitely something to be observed (if only from a self-preservation perspective).... .drifting across three lanes at once... and... 12 mph on the boulevard, which magically roars up to 92 mph in the Costco parking lot, especially if there’s one open space by the front door
This has already been going on for many years.
Great. The average price on the mid-Peninsula (SF) is going to jump another million dollars. Our kids can’t afford to live here unless they are making 300k at Google or Facebook and are fleeing California. What a mess.
It’s happening in many places. I was in Cyprus earlier this year. The financial crisis of a few years ago left thousands of residential properties on the market. These are now being actively marketed to Chinese. If you buy property in Cyprus, you can qualify for a permanent EU residency visa.
Lucky the US does not restrict real estate ownership by foreigners like Mexico. /S
This is something for all Americans to pay attention to, and we need to change something.
What the situation is right now, is that Chinese can make lots of money, then buy up American land.
That situation does not work the other way around. In other words, the current situation is heavily biased in favor of Chinese.
Either China needs to change it, or we do.
High-end real estate has been setting records all year and the dollar is very strong. What could go wrong under this scenario for Chinese buying such properties? They won’t lose it all and probably not even half, but they’re going to take a bath, imho.
They’re already buying houses in Silicon Valley. As a result, housing costs are through the moon.
What do they mean about to?
It’s been going on for decades.
I guess they mean more than just San Gabriel Valley.
Look for house prices to triple.
Communists buy house outside china, in the US, and have an anchor baby often, to have a place to escape to when it gets bad.
And it is getting a bit bad there.
This warning is at least two years late for prime properties in Californicator land.
Wealthy former ChiComs have been the major ethnic buyers of million $ homes in desirable California areas for about two years.
4 years ago many of those million $ homes were selling for at least half that price. Sometimes they get into bidding wars for a home with each other and other rich refugees from other countries, Texas and NY City.
The last time this happened was the invasion by rich Japanese buying homes, golf courses, wineries, and posh getaway properties.
I do mortgage lending in the middle of the country.
I see way quite few Chinese nationals buying property here.
they already are.