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I believe, at one time, here in Las Vegas, 40% of the buyers were Chinese!
And let's not forget the Latin Americans! They've been coming here even longer, the rich ones from Mexico/Central & South America, but they tend to gravitate to Miami, one of the biggest money laundering centers in the world! Miami could care less how they earned their money, if it will result in a new high rise condo building down there, yippy-I-yo-ky-ay!
There was an article in The Economist about Chinese emigration. The way I read it, they must invest $500k in real estate, or a business, live here for 3 years, and voila! They become citizens!
Italy, a little different, as a number of Chinese have emigrated there. There, you buy X amount of real estate, or a business, and you automatically become a citizen. No 3-year waiting period like here in the U.S.
Also in the article, there's now 2 suburbs of Sydney, Australia having been taken over by the Chinese, and they're now 5% of the Australian population.
One reason, listed, for their emigrating is safer food to eat!
And if 20% of the buyers in California are Chinese, fat chance you'll ever find any affordable housing there, compounded by the omnipresent Nimby's!
Have you provided proof that they are not? IF American businessmen are corrupt why are the Chinese millionaires less corrupt?
That's not how things work. A claim was made and I questioned it and asked for proof. You can't then ask someone for proof that people aren't criminals. Wtf "proof" would you want?
Have you really met an American millionaire who made his money honestly? Either they are abusing their workers or manipulating something that affects others.
Oh yeah, and the traditional Chinese moneymakers hold on to their age old customs.
I haven't met a single millionaire that fit the picture you are trying to paint. I've met a lot of millionaires, hundreds of them and the majority of them are/were blue collar workers that spent 30+ years working in oil/gas. Even the business owners I've met don't fit your picture either. Your poor attitude makes me wonder if it's your lack of financial success coming out in your view point
You are using one brush for a large group of people. Many of these are just successful businessmen. We are a competitor nation with china, so we will never sign extradition treaty with china. It is in our interest to gain this money. The money will go somewhere. Don't you prefer it to be invested in our economy? This is the cycle of globalization.
China's middle class are consuming a lot. If only these super rich people are consuming, china wouldn't be as vibrant as it is. It's their middle class.
China isn't a toxic dump. In urban centers the pollution has been serious. But they are investing enormously to treat their environment. With rising prosperity, they will gradually get better. You are tweaking China's reality to fit American politics, but it's not working. The Chinese are happier than Americans in a recent pew survey. Why is that? Apparently being toxic isn't the only story. The majority of Chinese are proud of their nation's achievements. They believe their government did the right thing realistically in the late 1980s, or they would have become Russia and got laughed at by the west.
China's environment will improve. That is growing pain of a rising nation. We have been there done that. Now it's China's turn. One day they will be much wealthier with improved environment and governance. And they still won't be a democracy, but a republic.
Agreed. The vast majority are successful business people and there's nothing wrong with them investing in our real estate. I'd shun the ones with cash gotten from corrupt government practices.
I haven't met a single millionaire that fit the picture you are trying to paint. I've met a lot of millionaires, hundreds of them and the majority of them are/were blue collar workers that spent 30+ years working in oil/gas. Even the business owners I've met don't fit your picture either. Your poor attitude makes me wonder if it's your lack of financial success coming out in your view point
Very true. Millionaires are now called Fat Cats unless they are busy loudly giving to the "proper" political party. Then they are called "donors" and their wealth is forgiven.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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In our market the number of homes bought in cash at above asking is very high, but they are not Chinese buyers. We are just getting people moving here from other states, Europe, and India, to accept high paying tech jobs, with equity from selling a previous home, have simply saved up the $600,000 or more, or that have sold their stock options from a previous employer. Chinese investors interested in the Northwest for the shorter flights seem to prefer Vancouver, BC.
For many Americans today, it seems like anyone who is a business person or has an affluent life is a criminal.
Its amazing that anyone could be more hopelessly naive than "Americans" until that is we find the likes of you. If you are talking about a doctor or an engineer they can make anywhere from the high 5 digits to 300k. However most big money is involved in real estate ,finance and mineral rights all more or less branches of government. This is especially the case in state capitalism. The problem stems in that very few people in the middle class actually know very wealthy people.
Membership in this elite group is likely to come from being involved in some aspect of the financial services or banking industry, real estate development involved with those industries, or government contracting. Some hard working and clever physicians and attorneys can acquire as much as $15M-$20M before retirement but they are rare.
And we will not even mention that physicians are also highly regulated controlling the supply of them. And attorneys make laws.
Money is kind of like a speedometer. At the very low and very high level its very inaccurate. Going from 30 to 45 mph is pretty accurate, just like a high school drop out accurately reflects poverty relative to an engineering degree. However 1 input of labor only goes so far. Real wealth comes from some form of appropriation and one way or another , da guberment.
Anyone remember the exact same article in the 1980's?
Replace Chinese with Japanese and there you go, I think it was also a WP article claiming that at the current (again 1980's) rate of RE investment that the Japanese would own more of DC than the Federal Gov...
Yes it might put a classic six in Manhattan a bit further out of reach and I imagine San Francisco will also be similarly run up but this will also have the net effect of adding to our population with wealthy individuals and their children.
This news is decades old. Does anyone even remember when Rockefeller Center was bought by foreign money? Vast timber and mining holdings in America have been bought by offshore interests. Where did you think our trade deficit was going, into a savings account? We gave them $trillions and America is for sale. People seem to get upset by real estate, but that's trivial. We can always build new buildings. When we sell our copper mines, that's it. There is no more copper to mine.
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