Reply to How old were you when you bought a house that is $1.2m+

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think the OP you are referring to is Asian. It is very common for Asian parents (especially ones that are still in Asia) to pay for huge downpayment or buying outright. I know one Chinese colleague, she and her husband bought a $2.2m townhouse in Georgetown at 28. It was paid entirely by the parents.

But do keep in mind, they have to take care the parents after they retire. No senior living community, which is considered a shame. I'm not sure I would trade parents help for that.[/quote]

No, no and no. [b]Please stop with the cultural assumptions.[/b]

[/quote]

At my children's Chinese Saturday School in Manhattan, I was talking to another mom who was rolling her eyes about the recent sales in her co-op.  In her co-op on 110th street a Chinese family bought a 2 bedroom because no studios nor 1 bedrooms were available for their child who was studying at Columbia.  And then there was the Vancouver based Chinese mother who came down every weekend to cook for her son so they just had to buy an apartment for that - and the kid lived in student housing on campus.
While there are many hoi polloi Chinese who could never afford such real estate, there are many Chinese students and young professionals here who are children of cadres and mainland business owners.  They have an extraordinary amount of money. 
One of the Chinese hotelier clients of at my design firm combined his business trip with a real estate hunting expedition.  It is not uncommon for mainland Chinese to consider it safer to park their money in US or Canadian real estate.  They are buying in Europe too.  We're talking government officials here who would rather park their money abroad.[/quote]

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