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Old 01-03-2016, 06:41 PM
 
Location: Austin, TX
12,059 posts, read 13,890,870 times
Reputation: 7257

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I've done some research and it appears that a Chinese shell company has been buying several properties in Steiner Ranch as they go on the market, to rent them out.

Is this similar to what is happening in the Bay Area where Chinese Nationals need a place to park their money?
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Old 01-03-2016, 07:15 PM
 
Location: Denver
4,716 posts, read 8,576,941 times
Reputation: 5957
Well crap, now I'll never be able to afford a house here. I just can't compete with a foreigner who has cash in hand. If this is actually happening, Austin prices will skyrocket to the likes of the Bay Area, Vancouver, and Sydney.
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Old 01-03-2016, 07:27 PM
 
Location: Westbury
3,283 posts, read 6,051,955 times
Reputation: 2950
This is happening all across america. If you were Chinese you'd be doing it to. They are in for one he'll of a rough patch
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Old 01-03-2016, 09:18 PM
 
356 posts, read 409,800 times
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Trump will build a fence around China, and make the Chinese pay for it!
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Old 01-03-2016, 11:19 PM
 
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Why any company would be interested in expensive Steiner ranch and not in relatively cheaper and fast growing north austin (Round rock, Georgetown)
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Old 01-04-2016, 12:26 AM
 
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San Francisco has always had a large population of Chinese people both citizens and foreign born. I doubt they own most of the properties in the city.
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Old 01-04-2016, 09:08 AM
 
Location: Austin, TX
1,825 posts, read 2,828,191 times
Reputation: 1627
What do you mean by a 'shell' company?
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Old 01-04-2016, 09:22 AM
 
Location: central Austin
7,228 posts, read 16,103,544 times
Reputation: 3915
Two years ago the State of Alaska was buying Austin real estate! The NYT had an article recently about Chinese partnerships buying houses in Dallas/Plano. Headlined, "Chinese Cash Floods US Real Estate Market"

http://nyti.ms/1YzYeD7

Last edited by centralaustinite; 01-04-2016 at 10:04 AM..
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Old 01-04-2016, 11:10 AM
 
Location: Holly Neighborhood, Austin, Texas
3,981 posts, read 6,736,789 times
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In the case of the new owners renting these out I have always wondered how TCAD verifies the homestead exemptions. Seems like this could be faked or even complied with the first year and then have renters the next 10 or 20.
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Old 01-04-2016, 11:25 AM
 
Location: Austin, TX
15,269 posts, read 35,637,527 times
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Quote:
Originally Posted by verybadgnome View Post
In the case of the new owners renting these out I have always wondered how TCAD verifies the homestead exemptions. Seems like this could be faked or even complied with the first year and then have renters the next 10 or 20.
My understanding (albeit possibly incorrect ) is that TCAD automatically checks to make sure each 'owner' has no more than one HSE. So if a company owned a lot of properties, the most it could get away with is one fake HSE. I suspect that there may be other manual or automatic checks based on other available data or for other exemptions.
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