[kttam186290]

I read the Las Vegas Review-Journal from time to time. On Sept. 20, I was reading an article on the proposed Macy's development near the Red Rock resort in Summerlin when I came across a reader comment:

[
Ron Terr Sep. 20, 2012 | 7:24 p.m. Report Abuse
i wish them luck , they,ll need it , this city will be Detroit soon , rental city ( slumlords ) deep cuts to metro ( they already sucked ) just one Realtor we know manages 400 homes owned by a Chinese company , all rentals , all from out of the country , they can care less who moves in , as long as they get a check . .. i,m on my way out , good luck to the rest of ya ]

If you go to the link here:
http://www.lvrj.com/business/macy-s-...170409316.html

It is the first comment left by someone named "Ron Terr".

Does anyone know if this is accurate? I can't think of why someone would lie about it? If it is true, why would the Chinese company only target Vegas homes and not those in other markets?

[NLVgal]

Originally Posted by mattk92681

I read the Las Vegas Review-Journal from time to time. On Sept. 20, I was reading an article on the proposed Macy's development near the Red Rock resort in Summerlin when I came across a reader comment:

[
Ron Terr Sep. 20, 2012 | 7:24 p.m. Report Abuse
i wish them luck , they,ll need it , this city will be Detroit soon , rental city ( slumlords ) deep cuts to metro ( they already sucked ) just one Realtor we know manages 400 homes owned by a Chinese company , all rentals , all from out of the country , they can care less who moves in , as long as they get a check . .. i,m on my way out , good luck to the rest of ya ]


Does anyone know if this is accurate? I can't think of why someone would lie about it? If it is true, why would the Chinese company only target Vegas homes and not those in other markets?

I can only tell you what I've heard. The wealthy Chinese are dumping large amounts of money into the USA because they are afraid that their wealth will be taken away by the government in their own country. It's not just Vegas they are investing in.

Of course, there are a lot of real estate investors here right now because the market crashed so hard that homes were extremely undervalued (just like they were overvalued during the boom). This seems to be changing, but who knows for how long? Don't let the tinfoil hat types scare you.

[BWNLV]

On any message board there is always trolls who always see the bad side of any situation. I lived in Chicago, Dallas, Detroit, Denver and there is always good and bad in any city - no city is perfect. Sounds like Ron needs to move.

[lvoc]

Originally Posted by mattk92681

I read the Las Vegas Review-Journal from time to time. On Sept. 20, I was reading an article on the proposed Macy's development near the Red Rock resort in Summerlin when I came across a reader comment:

[
Ron Terr Sep. 20, 2012 | 7:24 p.m. Report Abuse
i wish them luck , they,ll need it , this city will be Detroit soon , rental city ( slumlords ) deep cuts to metro ( they already sucked ) just one Realtor we know manages 400 homes owned by a Chinese company , all rentals , all from out of the country , they can care less who moves in , as long as they get a check . .. i,m on my way out , good luck to the rest of ya ]

If you go to the link here:
Macy's signs on as anchor tenant for Summerlin mall - Business - ReviewJournal.com

It is the first comment left by someone named "Ron Terr".

Does anyone know if this is accurate? I can't think of why someone would lie about it? If it is true, why would the Chinese company only target Vegas homes and not those in other markets?

In general the SFR, Condo and townhouse markets in the suburb are from about 65% to 75% owner occupied. The remainder are either rentals or second homes. Mostly rentals.

As prices rise...as they are doing...the percentage of rentals houses will shrink. And, in general, it is not excessively high at the moment. In fact for the last year rental leasing has expanded faster than the available inventory indicating pretty good demand for rentals.

New build is picking up rapidly. One hopes not too fast as it would be nice to keep an orderly market for a while.

The remaining employment problem is mostly in the construction sector which is not likely to fully recover any time soon. Perhaps never. But it is getting better. And much of the rest of the economy has recovered.

[AA702]

I take care of a few rental homes that are owned by Chinese as investment rentals. What surprised me was they are not from PRC or ROC but they are actually Canadian nationals of Chinese decent. When I lived in California the city of Cupertino, CA (where Apple is based) was being bought out by mostly Chinese from the ROC (Taiwan). The duplex we lived in were being managed by a local company but were owned by a Taiwanese company. I still haven't come across investors from PRC (mainland china) but I'm sure there are many.

[AA702]

Originally Posted by NLVgal;2620[B

[/b]6933]I can only tell you what I've heard. The wealthy Chinese are dumping large amounts of money into the USA because they are afraid that their wealth will be taken away by the government in their own country. It's not just Vegas they are investing in.

Of course, there are a lot of real estate investors here right now because the market crashed so hard that homes were extremely undervalued (just like they were overvalued during the boom). This seems to be changing, but who knows for how long? Don't let the tinfoil hat types scare you.

I don't think this would be the case if they were from the Republic of China. I can see that would be a factor if they are from the Peoples Republic of China.

[NLVgal]

Originally Posted by AA702

I don't think this would be the case if they were from the Republic of China. I can see that would be a factor if they are from the Peoples Republic of China.

I can't say with any certainty. I just know a guy who is making a lot of money from the Chinese investors right now.
He had no reason to lie to me. I'm not in a position to invest, and he wasn't trying to get in my pants.

[AA702]

Originally Posted by NLVgal

I can't say with any certainty. I just know a guy who is making a lot of money from the Chinese investors right now.
He had no reason to lie to me. I'm not in a position to invest, and he wasn't trying to get in my pants.

I am no expert on China but I know that when people say "China" they always think of communist China. There are also those who come from Taiwan and other countries who have large Chinese populations such as Canada or even Singapore. From my experience some rental properties here in Las Vegas that I work with are owned by Chinese, but they are actually Canadian nationals from British Coloumbia and not from "China" per say.

[NLVgal]

Originally Posted by AA702

I am no expert on China but I know that when people say "China" they always think of communist China. There are also those who come from Taiwan and other countries who have large Chinese populations such as Canada or even Singapore. From my experience some rental properties here in Las Vegas that I work with are owned by Chinese, but they are actually Canadian nationals from British Coloumbia and not from "China" per say.

I think the guy I'm speaking of is dealing with TROC. They aren't housing investors, so much as retail spaces, casinos, etc.

I seriously doubt that Chinese investment in Vegas will destroy our quality of life.

What is it about the RJ that brings out the tinfoil hat crew?

[eventusstultorummagister]

A Chinese man walks into a bank in LAS VEGAS and asks for the loan officer. He tells the loan officer that he is going to China on business for two weeks and needs to borrow $5,000.
The bank officer tells him that the bank will need some form of security for the loan, so the Chinese man hands over the keys of his new Ferrari parked on the street in front of the bank. He produces the title and everything checks out.
The loan officer agrees to accept the car as collateral for the loan.
The bank’s president and its officers all enjoy a good laugh at the Chinese man for using a $250,000 Ferrari as collateral against a $5,000 loan. An employee of the bank then drives the Ferrari into the bank’s underground garage and parks it there.
Two weeks later, the Chinese man returns, repays the $5,000 and the interest, which comes to $15.41. The loan officer says, “Sir, we are very happy to have had your business, and this transaction has worked out very nicely, but we are a little puzzled. While you were away, we checked you out and found that you are a multi-millionaire. What puzzles us is, why would you bother to borrow $5,000?”
The Chinese man replies: “Where else in LAS VEGAS can I park my car for two weeks for only $15.41 and expect it to be there when I return?”