Houston school districts: should they try to accept Chinese international students to make money? (Howe: sale, rentals)

[ipuck]

Originally Posted by Texas Ag 93

This is no joke. I heard this piece on NPR yesterday as well. Very interesting. The Chinese are obsessed with the US and living the "American Dream". Buying tons of property in the US for cash and driving up home prices in many North American cities either for investment purposes or in the hopes that their children can live here and go to University.

It's not dissimilar from the 1980s when the Japanese were buying lots of US commercial property.

They say 20-30% of all high end apartments in Manhattan are empty. Majority of those are owned by asians that "parked" their money here as a safe investment. I have a friend looking for million+ housing in Los Angeles. He said at open house, they are all packed with chinese foreigners. And they always paid cash.

The chinese are not as obsessed with the "american dream" as they want a safe and fair environment for their kid in the future. If their government is more open and corruption is no longer an issue, they rather stay in china. Ask any chinese and they all will tell you the same thing.

China is really happening and growing significantly. You think Houston's growth is impressive, try growing 2x or 3x that rate in 10 other cities every year.

[civil_process]

Originally Posted by Texas Ag 93

This is no joke. I heard this piece on NPR yesterday as well. Very interesting. The Chinese are obsessed with the US and living the "American Dream". Buying tons of property in the US for cash and driving up home prices in many North American cities either for investment purposes or in the hopes that their children can live here and go to University.

It's not dissimilar from the 1980s when the Japanese were buying lots of US commercial property.

I live in an area that is heavily Asian (25%) , most of whom are 1st gen Chinese. I can guarantee the vast majority are not paying cash and many are putting less than 20% down. If they have the money they are spending it on fancy cars. For the most part they are stagnating or even devaluing neighborhoods over time by sucking the utility value out of their houses without upgrading or even performing basic maintenance or cleaning on them before trying to sell. Except for the exteriors that is. As more Chinese people have moved in the neighborhood, they have turned more homes into multi family units, or even short term rentals for a bunch of skittish, unrelated people who no one recognizes. Of course on the tax rolls someone is claiming homestead. In schools we have also noticed a bit of a disregard for a more well rounded education in favor of regurgitation. Also the most detrimental is an increase and a culture of cheating, doing anything to get ahead. This has sparked white flight, where whites are either moving rural on land or moving back into one of the white enclaves in the city core.

Edit: I should be clear and say this is coming from a $400,000 suburban price point. Anywhere else I cannot speak for.

[colcat]

Originally Posted by ipuck

They say 20-30% of all high end apartments in Manhattan are empty. Majority of those are owned by asians that "parked" their money here as a safe investment. I have a friend looking for million+ housing in Los Angeles. He said at open house, they are all packed with chinese foreigners. And they always paid cash.

The chinese are not as obsessed with the "american dream" as they want a safe and fair environment for their kid in the future. If their government is more open and corruption is no longer an issue, they rather stay in china. Ask any chinese and they all will tell you the same thing.

China is really happening and growing significantly. You think Houston's growth is impressive, try growing 2x or 3x that rate in 10 other cities every year.

This can also be said about wealthy Mexicans.

[nervouslaughter]

Here's a relevant article about the Chinese buying up property.
The Chinese are coming, and they

[Texas Ag 93]

Originally Posted by ipuck

They say 20-30% of all high end apartments in Manhattan are empty. Majority of those are owned by asians that "parked" their money here as a safe investment. I have a friend looking for million+ housing in Los Angeles. He said at open house, they are all packed with chinese foreigners. And they always paid cash.

The chinese are not as obsessed with the "american dream" as they want a safe and fair environment for their kid in the future. If their government is more open and corruption is no longer an issue, they rather stay in china. Ask any chinese and they all will tell you the same thing.

China is really happening and growing significantly. You think Houston's growth is impressive, try growing 2x or 3x that rate in 10 other cities every year.

Very good points, ipuck. The huge population in China makes the scale of this all the more impressive (concerning?)

civil_process- we are not talking about Asians who are immigrants- even first generation. The focus is on Chinese Nationals who live in China, many of whom have no intention of living in the US personally.

[civil_process]

Originally Posted by Texas Ag 93

Very good points, ipuck. The huge population in China makes the scale of this all the more impressive (concerning?)

civil_process- we are not talking about Asians who are immigrants- even first generation. The focus is on Chinese Nationals who live in China, many of whom have no intention of living in the US personally.

Whose kids may one day live here and do exactly what I said above...

[ipuck]

Originally Posted by civil_process

I live in an area that is heavily Asian (25%) , most of whom are 1st gen Chinese. I can guarantee the vast majority are not paying cash and many are putting less than 20% down. If they have the money they are spending it on fancy cars. For the most part they are stagnating or even devaluing neighborhoods over time by sucking the utility value out of their houses without upgrading or even performing basic maintenance or cleaning on them before trying to sell. Except for the exteriors that is. As more Chinese people have moved in the neighborhood, they have turned more homes into multi family units, or even short term rentals for a bunch of skittish, unrelated people who no one recognizes. Of course on the tax rolls someone is claiming homestead. In schools we have also noticed a bit of a disregard for a more well rounded education in favor of regurgitation. Also the most detrimental is an increase and a culture of cheating, doing anything to get ahead. This has sparked white flight, where whites are either moving rural on land or moving back into one of the white enclaves in the city core.

Edit: I should be clear and say this is coming from a $400,000 suburban price point. Anywhere else I cannot speak for.

You sound like one of those white first colony folks that have moved to Telfar or greatwood. I have some friends that live there that have seen the streets changed radically over the last 3-5 years. Seems like all the white folks don't like the influx of asians moving in and they have moved across the street to telfar or down to Greatwood and/or Richmond.

[civil_process]

Originally Posted by ipuck

You sound like one of those white first colony folks that have moved to Telfar or greatwood. I have some friends that live there that have seen the streets changed radically over the last 3-5 years. Seems like all the white folks don't like the influx of asians moving in and they have moved across the street to telfar or down to Greatwood and/or Richmond.

This starts happening when people move in who have no intention of at least meeting their neighbors, and scurry back into their homes when you try. Also the 8 adults going in and out of the house at all hours of the day, yelling on the phone outside at night gets old. You can get a list of homes for sale with owner names and pass judgment on what the inside of the house will look like before stepping in... And be correct 90% of the time.

[Dopo]

Originally Posted by civil_process

I live in an area that is heavily Asian (25%) , most of whom are 1st gen Chinese. I can guarantee the vast majority are not paying cash and many are putting less than 20% down. If they have the money they are spending it on fancy cars

I'm still waiting for somebody to write a post like this one by about white people and their pickup trucks and Harley Davidsons

[colcat]

Originally Posted by Dopo

I'm still waiting for somebody to write a post like this one by about white people and their pickup trucks and Harley Davidsons

Yep. I'm shocked you haven't done it yet.