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LOL - - -
If they acquire a domicile and expatriate they may become American sovereigns.
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ALIEN, n. An American sovereign in his probationary state.
- - - - “The Devil’s Dictionary” (1906), by Ambrose Bierce
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I was into real estate for 20 years of course have been out now for quite a while. But they were buying properties and paying cash over 15 years ago also. And buying the nicer properties at that time in very elite areas.
But there were buyers from India also buying properties at that time and yes this did bring the values in certain areas up.
And they did not seem to have a problem with having cash readily at hand. Which made it hard for others who had a interest in the same homes.
West Coast is toast. Eb5 is destroying our local communities because the United States government thought it was okay for Chinese slave laborers to make our consumer items cheaper.
They'll be the new 1%. Most of Americans will be renters and at their mercy.
Sorry... I'm in a "mood"
Mood or not, you could be quite right.
I know a lot of people here don't see much of a threat, but just ask the Canadians and Australians whose Chinese populations own a huge chunk of their real estate AND businesses.
International buyers have to pay all cash because it is impossible to get financing in the US if you are not a US citizen. Then combine that with the US being a fairly stable investment market with a really good ROI and you have a wave of international people willing to invest to make money from the US real estate market.
American's will sell ANYTHING for short term profit, because the sense of legacy is not as strong as the sense of GREED.
Chinese understand the value of Legacy, and they are not going to let foreigners come and buy up their land and certainly not any of their landmark properties landmark legacy businesses.
Every country has figured out, that Greed in American has no bounds.
We let news people tell anything and everything,and then is cost us $$ Billions to modify it and try and keep an edge and eventually they sell that edge too.
China has a sense of respecting the nature of China and being Chinese, America has too much racial bigotry and racial bias, and they have no sense of respect for legacy business and certainly not when it is open and accessible to "all groups", once all groups can patronize it, then The delusional elitist American will sell it.
Remember, GHW Bush and Cheney tried to SELL the management of our Ports of Entry to Dubia, except they got busted in the process of trying to do so, while at the same time trying to Privatize SSI and turn it over to the Wall Street Criminals. Selective Amnesia won't allow American's to pay attention and remember such things.
Who the heck ever heard of the Chicago Exchange being up for Sale and the Chinese are trying to buy it. That's how insidious the wealthy in America have become.
The Chinese have a fetish for investing into real estate. In their own country they build entire cities that are vacant.
True. I think they just want to own as much as they can, even if they never use it.
For example: There was a video recently with Chinese tourists at a seafood buffet in Thailand. Chinese place a high value on seafood. They cleaned out the buffet (they were pushing and shoving, even the Thai locals out of the way).
Well. After that fiasco, they showed the plates on the tables, where the food was merely half eaten or less.
They have this mindset where, if something symbolizes status, they must hoard it and not let anyone else access it, even if it means throwing most of it away.
Funny thing: When I was in Florida last year, I saw a Chinese guy with the free McDonalds ketchup/salt/pepper packets stuffed in his pockets and carrying the rest out in his hand. I asked my (Chinese) wife why he did that. Apparently, nothing is free in China... even public toilet paper would get ripped off.
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China buying up US properties like hot cakes.
