Posted on 07/16/2020 8:36:32 PM PDT by BeauBo
Real-estate surge eclipses the one in U.S. housing in the 2000s; desperate buyers undeterred by Covid pandemic.
Even the coronavirus hasn’t stopped the world’s biggest asset bubble from getting bigger.
After a brief pause during coronavirus lockdowns in February, a Chinese property boom in some megacities that many thought was unsustainable has resumed its relentless upward climb, with prices rising higher and investors chasing deals despite millions of job losses and other economic problems.
(Excerpt) Read more at wsj.com ...
real estate speculation happening all over Asia as well (e.g. South Korea, Japan, etc)... we are seeing some of the effects here as well.
In what areas here?
Certainly not NYC.
Stagnant at best for a while now and down maybe 5 percent in many areas over the past year
I’ve been waiting for the bubble to burst for several years now. They not only have the famous empty “ghost cities” but also huge numbers of apartments sitting empty because they can’t sell them.
There is no doubt this is a huge real estate bubble and like all bubbles, it will burst eventually. When it does, its going to be extremely painful for China.
Whatta bout the empty cities?
Sucks to be China.
Real estate is currently heading north in Vietnam, as well, I bought in about six months ago, so we will see what happens.
Sort of my first time, have always rented before, so we will see.
Last year, I watched a private video (YouTube) where a guy had gone out to the middle of some empty cow-field in China, and here was the subway station structure. Deep under the field was a subway tunnel and a station created. Brand-new.
Way off in the distance, maybe two miles away, there was the urbanized area. They had built this station at least ten years ahead of time, thinking that the city would extend out to this subway station.
A spate of bank runs breaks out in China, fueled by social media
...it appears the safer investment is real estate, which they must feel can't be taken away.
Eau contraire, cheri...not in China.
Building and selling millions of empty housing units. Add in a dam that could release a few cubic miles of water.
This is more than What Could Go Wrong. This is more like WHAT COULD GO WRONG.
This idea was thought up by Sum Ting Wong.
And his friend, Ho Lee Sheet!
Think about thousands of businesses discovering they can have employees working remotely, so no more need for office spaces in large buildings.
Might have YUGE umpact on real estate market in large cities!
My next door neighbor recently listed his house at an amount that I thought was surely too high. But a lot of people looked at it. I met the new neighbor as the home inspection was being done. He told me there were four offers on it, so it probably went for listed price or more. He said his was the winning offer because it was the only cash offer.
Everyone wants out of NYC...it is “suburban” RE that is having a mini-boom. “Urban unrest” and tightly packed living during a pandemic is not a good look for urban RE.
https://www.mashvisor.com/blog/suburban-real-estate-boom-covid-19/
You may wan to watch the following movie clip on youtube very revealing what goes on in China. it is by no means what it is made out to be. The sad part is, that here are many, many good people who have become entangled in socialism or a variation of it. And if we don’t watch it, it could become our Waterloo as well.
The End of China Inc? | 101 East
“..it appears the safer investment is real estate, which they must feel can’t be taken away.”
In China the state owns everything.
Your “purchase” of your house is actually a 99 year lease with the government.
Ownership of “your” property reverts back to the CCP upon your death.
You can not leave “your” property to your children or other family.
Nice little scam the Chicoms have going.
Socialism, what a government run mess!
These cities must look good from a distance, regardless of condition
For the typical condition of these new but empty cities being built
See laowhy86:
https://www.youtube.com/channel/UChvithwOECK5g_19TjldMKw
at 6.28 mark
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