Understanding China, One Blog at a Time

An American in China

I Live in America, My Neighbor is a Communist- China Buying Up US Property

Posted by w_thames_the_d on April 4, 2012


Here is an excellent post by Brewskie. The funny thing is that I live in China so will have some commie neighbors, but you in the US should not. But, 90% of all Chinese billionaires and millionaires are red thugs and those are the ones moving to the USA now. (ps. they are not our buddies) Thanks for the post Brew

From the Brew Man

Brew

“China’s desire to pump up home sales by cooling market, then inviting bargain hunters, isn’t having desire effect; instead, the traditional mass purchasers of Chinese real estate – the rich, CCP clowns and mafia guys – are turning their dragon eyes elsewhere – the US.

http://www.usatoday.com/money/economy/housing/story/2012-04-03/us-homes-lure-chinese-buyers/53977638/1

“Buyers from mainland China and Hong Kong are snapping up luxury homes, often paying cash, in major U.S. cities such as New York, Los Angeles and San Francisco. They’re coming by the dozens to buy foreclosed properties in downtrodden cities in Florida and Nevada. Chinese buyers are even starting to snap up pricey commercial buildings and hotels in Manhattan.

Chinese interest in U.S. real estate began climbing during the U.S. housing meltdown, when plunging property prices made the U.S. a magnet for global buyers. Today, interest is growing as a rising yuan — up more than 8% since mid-2010 — gives the Chinese greater purchasing power, and the mainland’s restrictions on property purchases encourages them to look overseas. With U.S. single-family home prices a third lower since 2006, the U.S. also compares favorably with other top markets for Chinese investment, such as the United Kingdom, Australia and Canada.

[…]

In the U.S., the Chinese are now the second-largest foreign buyers of homes, behind Canadians, accounting for $7.4 billion of sales in the 12 months ended March 2011, up 24% from the previous 12 months, according to the National Association of Realtors. Buyers from China and Hong Kong also spent $1.71 billion on commercial property in the U.S. in 2011, more than quadruple their investment in 2008, says Real Capital Analytics.

Those numbers likely understate Chinese investment, as investors may buy property under business entities they’ve set up in the U.S., says Patrick O’Neill, founder of ONeill Group, a Hong Kong-based company that helps Chinese buyers find U.S. property.

Roughly 40% of Chinese buyers want property in the U.S. as investments, while 60% are buying in anticipation of their children going to school here, or for business or immigration purposes, says Steven Lawson, chief executive of Windham China, a firm that helps match Chinese buyers with U.S. sellers.

[…]

China has more money to invest than ever. Mainland China now has 960,000 millionaires — defined as individuals with residences, private businesses and investable assets of more than 10 million yuan or $1.5 million, according to the Hurun Report, a Shanghai publisher of magazines for China’s wealthy.

Nearly half of those millionaires are considering moving or getting permission to reside overseas. Their top country of choice? The USA.”

Canada and Australia are also among top emigration destinies for the Chinese. It’s been said when the Chitanic starts leaking, the rats – the rich, the CCP and the mafia bozos – will jump well before the creaky ship goes for a deep swim to meet James Cameron. Good pick for real estate investment: these guys are going to find out that buildings here will hold out a hell of a lot better than some seven-year-old biz buildings in China they have money tied into.

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