The chinese are coming and they want to buy your house!!

[Anonymous]

Anonymous wrote:
"Still, you can’t blame them for feeling unsettled at home. Beijing’s aggressive anti-corruption sweep has netted thousands of big fish, and more confiscations are on the way. Pollution has created an asthma epidemic, food safety scares are commonplace, and China’s economic pace ebbs. There is still no true dissent or freedom of expression allowed. So the country’s wealthiest are on the move and want a better life for themselves or their children."



Have you been to McLean lately?

Anonymous wrote:Interesting though. The US is one of a few countries in the world that allows foreign nationals to buy real estate as a matter of right. An American certainly could not go to China and buy property as a matter of right. A lot of the most valuable assests in this country are owned by foreign nationals. You have to wonder about the long term implications.

It is NOT a good thing.

It is also interesting that the primary investor in the biggest real estate development project (CityCenter) in our Nation's capitol is Qatar.

I do not have a problem with it per se, but there is no reciprocity on this front among nations. I once read an article from a UAE official who said that the land of a country is the physical manifestation of the pride and culture of that country. Hence, IHO allowing foreign concerns to buy your real estate was truly selling you country's soul. Yet, they can come here and buy whatever they can afford to buy. That is my issue - not that folks can buy land here - but that we could not buy it there.

[Anonymous]

Anonymous wrote:If rich people from other countries want to buy real estate and pay taxes here, I say let them. This is more an issue in places like London or Manhattan where you can have entire blocks of near-empty buildings because units are owned by rich foreign nationals (not just Chinese, but a lot of Russians, Saudis, South Americans, etc. etc.) who spend maybe a weekend or two in those apartments. Its not great for other residents living in those buildings or for the street scene outside -- zero sense of community or activity. Those are truly cases of people using high-end real estate like Swiss bank accounts.

This is not an issue in Manhattan. This is the listing for the biggest landlords in Manhattan: http://www.forbes.com/sites/erincarlyle/2014/01/22/real-estateroyalty/

not a single foreigner among them.

The biggest institutional landlord in NYC is Columbia University.

Most residential buildings in Manhattan are co-ops. There is no way any co-op board is going to let someone no matter how rich buy up apts that they are not going to live in.

The rich foreign billionaires can fight over the very few condos on billionaires row in midtown or buy a townhouse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If rich people from other countries want to buy real estate and pay taxes here, I say let them. This is more an issue in places like London or Manhattan where you can have entire blocks of near-empty buildings because units are owned by rich foreign nationals (not just Chinese, but a lot of Russians, Saudis, South Americans, etc. etc.) who spend maybe a weekend or two in those apartments. Its not great for other residents living in those buildings or for the street scene outside -- zero sense of community or activity. Those are truly cases of people using high-end real estate like Swiss bank accounts.

This is not an issue in Manhattan. This is the listing for the biggest landlords in Manhattan: http://www.forbes.com/sites/erincarlyle/2014/01/22/real-estateroyalty/

not a single foreigner among them.

The biggest institutional landlord in NYC is Columbia University.

Most residential buildings in Manhattan are co-ops. There is no way any co-op board is going to let someone no matter how rich buy up apts that they are not going to live in.

The rich foreign billionaires can fight over the very few condos on billionaires row in midtown or buy a townhouse.

Not Manhattan, dummy. All of NYC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If rich people from other countries want to buy real estate and pay taxes here, I say let them. This is more an issue in places like London or Manhattan where you can have entire blocks of near-empty buildings because units are owned by rich foreign nationals (not just Chinese, but a lot of Russians, Saudis, South Americans, etc. etc.) who spend maybe a weekend or two in those apartments. Its not great for other residents living in those buildings or for the street scene outside -- zero sense of community or activity. Those are truly cases of people using high-end real estate like Swiss bank accounts.

This is not an issue in Manhattan. This is the listing for the biggest landlords in Manhattan: http://www.forbes.com/sites/erincarlyle/2014/01/22/real-estateroyalty/

not a single foreigner among them.

The biggest institutional landlord in NYC is Columbia University.

Most residential buildings in Manhattan are co-ops. There is no way any co-op board is going to let someone no matter how rich buy up apts that they are not going to live in.

The rich foreign billionaires can fight over the very few condos on billionaires row in midtown or buy a townhouse.

Not Manhattan, dummy. All of NYC.

Well then you should have said so. Dumb ass.

[Anonymous]

This does have implications.

I studied abroad in Italy, one of the less affluent countries in Italy. Property prices in Florence and Tuscany (no doubt other places as well) were being driven up by rich British and Germans who were buying up properties to have as "second homes." Thus, properties became less and less affordable to young Italians who might otherwise buy them.

I made friends with some people in their 20s, who had no hope of moving out of their parent's homes, like ever. Not that it's always a bad thing - but it certainly would make things difficult if there were multiple siblings.

Home prices going up, up, and up might be great for anyone who already owns a home but it sure sucks for the rest of us. So short-sighted.

[Anonymous]

Anonymous wrote:This does have implications.

I studied abroad in Italy, one of the less affluent countries in Italy. Property prices in Florence and Tuscany (no doubt other places as well) were being driven up by rich British and Germans who were buying up properties to have as "second homes." Thus, properties became less and less affordable to young Italians who might otherwise buy them.

I made friends with some people in their 20s, who had no hope of moving out of their parent's homes, like ever. Not that it's always a bad thing - but it certainly would make things difficult if there were multiple siblings.

Home prices going up, up, and up might be great for anyone who already owns a home but it sure sucks for the rest of us. So short-sighted.

But OOTO, the money being pumped into the local economy benefits those who are already living there. So without the money from investors, services and QOL could decrease. You need the money but it brings negatives, too. Like most things, good and bad, good and bad.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This does have implications.

I studied abroad in Italy, one of the less affluent countries in Italy. Property prices in Florence and Tuscany (no doubt other places as well) were being driven up by rich British and Germans who were buying up properties to have as "second homes." Thus, properties became less and less affordable to young Italians who might otherwise buy them.

I made friends with some people in their 20s, who had no hope of moving out of their parent's homes, like ever. Not that it's always a bad thing - but it certainly would make things difficult if there were multiple siblings.

Home prices going up, up, and up might be great for anyone who already owns a home but it sure sucks for the rest of us. So short-sighted.

But OOTO, the money being pumped into the local economy benefits those who are already living there. So without the money from investors, services and QOL could decrease. You need the money but it brings negatives, too. Like most things, good and bad, good and bad.

This only makes sense if the investors are living in the houses and participating in local economy. With these second homes and the money havens from foreign investors, they may never live in the home but are just using it as a defacto swiss bank account, and thus no local economy bump.

[Anonymous]

And they got rich from government corruption, corporate espionage, worker exploitation, etc. Just what we need.

[Anonymous]

And they do not respect our culture. The tiger moms hate us.

[Anonymous]

Anonymous wrote:And they got rich from government corruption, corporate espionage, worker exploitation, etc. Just what we need.

This, imho, is the big issue. The money is not stable and can go away at any time. The US is an insurance policy for these folks, in case they fall out of favor with whomever is ruling back home. They could give two shits about America or contributing to society.

[Anonymous]

Anonymous wrote:And they do not respect our culture. The tiger moms hate us.

Why do they even come here if they do not respect us yet they want our education, citizenship, jobs and money? Why don't they create that in their own countries or take the education they get here and go home and build a better future for their own people?

[Anonymous]

Anonymous wrote:

Anonymous wrote:And they do not respect our culture. The tiger moms hate us.

Why do they even come here if they do not respect us yet they want our education, citizenship, jobs and money? Why don't they create that in their own countries or take the education they get here and go home and build a better future for their own people?

The houses are just assets to shelter their cash. They aren't immigrating.

[Anonymous]

Anonymous wrote:

Anonymous wrote:And they do not respect our culture. The tiger moms hate us.

Why do they even come here if they do not respect us yet they want our education, citizenship, jobs and money? Why don't they create that in their own countries or take the education they get here and go home and build a better future for their own people?

No kidding. They don't even like it here, its just better for them because its FAR less crowded (for the time being), and their government sucks. Don't try to make it our problem. But by all means, naive Americans think the U.S. can save the world. Who is going to save us (when, not if)?

[Anonymous]

Anonymous wrote:And they do not respect our culture. The tiger moms hate us.

The tiger moms LOVE you! If you were like the tiger moms - there would be more competition for their kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:And they do not respect our culture. The tiger moms hate us.

The tiger moms LOVE you! If you were like the tiger moms - there would be more competition for their kids.

Yeah, they think Americans are stupid and lazy. So, they've come to take over. Oh wait, they are?