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This is not news to me. I was in real estate for 20 years, and during the that time, they were buying properties out right even then, as well as foreigners from other Countries. They had moolah belive me.
And they would buy in the most prestigious areas, and the nicest homes. They have money, but yet when it came to purchasing of course they had to deal. The Chinese as I recall, wanted the best homes in a prestigious area, the largest home, most beautiful, everything you can think of a home could have. But always put their offer in for so much less. There were also Indians from India, and people from the Middle East buying also, not just Chinese.
This is not news to me, I even remember one home a very wealthy Chinese couple bought, the home had 3 kitchens, pizza oven outside, indoor pool outdoor pool, 3 terraces 3 patios and built in pergolas/The only home I had ever been in that had 3 separate staircases going every which way you could think of in this 10,789 sq ft home. It was a gorgeous home to behold, I dreamt of that home lol, it was magnificent. As I recall they also got a deal on that home. None of this is news to me, been going on, and will continue to go on. I worked high end properties at that time.
Former peasants and basic workers are now becoming millionaires because of their land, from the massive corporate greed of the US and companies around the world.
Arcadia California is the perfect example, where these newborn millionaires have turned a basic suburb into a posh realestate area.
The Chinese government limits the amounts of funds they are spend in the country without penalty, resulting in the US corporations getting loaded, the crooked Chinese getting ever more loaded, then returning to the US to send real estate prices through the roof.
Im generally pro asian immigration. They integrate fairly well, perform well in school, account for basically no crime, enjoy american culture.
If they perform well in school, get good jobs when grown and pay taxes, account for almost no crime, and within one generation or so totally become Americans, I see zero problem and welcome them with open arms.
...and they aren't saying "Death to America" plus they are coming with lots of money so not a drain on the American taxpayer.
They are buying expensive housing.
"This year, Chinese families represented for the first time the largest group of overseas home buyers in the United States. Big spenders on new homes are helping prop up local economies in the Midwest. But in dense areas like San Francisco and Manhattan, they are also affecting the affordability and availability of housing, as demand outpaces supply and bidding wars ensue. While Chinese purchases make up a small sliver of overall sales in the United States, they have had a disproportionate impact on the market for more expensive properties, buying one in 14 homes sold for more than $1 million. On average, buyers from China, including the mainland, Taiwan and Hong Kong, pay $831,800 for a home, more than three times as much as Americans spend, according to a National Association of Realtors survey...some places are welcoming the economic activity. City coffers benefit from stronger property tax revenue. Many overseas arrivals are relatively wealthy, spending on new cars and furniture as well as everyday shopping and dining."
Very interesting article. Besides coming for homes and starting businesses here they are coming for good colleges for their kids (University level: the Chinese now make up 31 percent of all international students in the United States, according to the Institute of International Education).
So what do you think? Good or bad for the US? The article presents pros and cons.
Why not they already have many of our jobs, they will simply be assimilated once they move to the West they are done as Chinese.
Former peasants and basic workers are now becoming millionaires because of their land, from the massive corporate greed of the US and companies around the world.
Arcadia California is the perfect example, where these newborn millionaires have turned a basic suburb into a posh realestate area.
The Chinese government limits the amounts of funds they are spend in the country without penalty, resulting in the US corporations getting loaded, the crooked Chinese getting ever more loaded, then returning to the US to send real estate prices through the roof.
That is exactly what happened in certain areas, because of Foreigners who buy American Properties. Some of these people don't mind paying high prices for the properties, and the values of these properties in certain areas, skyrocket.
Areas that were at one time affordable, now become outrageous in price and harder to afford for a working younger couple. A lot of the Chinese who bought properties outright, had family members already here. You would not believe the homes these people could afford, I use to think to myself, how could these people afford these high end homes and to pay outright millions for a home, they had to have money.
America is one of the few countries that do not bar foreigners from buying land and houses.
Try buying some oceanfront property in Mexico... Gringos need not apply.
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