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(NBC News)   Chinese investors are buying up California houses, as the average kid working for Nike now has more available cash to invest than the average Californian   (nbcnews.com ) divider line
    More: Obvious, Chinese, Lennars, housing developments, rate of returns, return on capital, home construction  
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1014 clicks; posted to Business » on 27 Nov 2013 at 9:50 AM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



17 Comments   (+0 »)
   
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2013-11-27 10:24:44 AM  
Remember when the Japanese economy went way up and they turned around and bought American property?
 
2013-11-27 10:53:58 AM  

monoski: Remember when the Japanese economy went way up and they turned around and bought American property?


Yup.  Die Hard and Rising Sun.
 
2013-11-27 11:05:20 AM  
Fan the xenophobic flames much, NBC?
 
2013-11-27 11:30:33 AM  

The Smails Kid: Fan the xenophobic flames much, NBC?


Except this is really happening, and they're stating it matter-of-factly. No one likes to see their local real estate controlled by non-locals, whether they're Americans living in other states or Chinese foreign nationals.

In my circle of friends, no one can buy a house because the Chinese keep offering cash.
 
2013-11-27 11:49:30 AM  
Actually, it's the factory owners.
 
2013-11-27 01:28:34 PM  

Fonaibung: The Smails Kid: Fan the xenophobic flames much, NBC?

Except this is really happening, and they're stating it matter-of-factly. No one likes to see their local real estate controlled by non-locals, whether they're Americans living in other states or Chinese foreign nationals.

In my circle of friends, no one can buy a house because the Chinese keep offering cash.


I bet that driving in your area will get  much more exciting in the near future.
 
2013-11-27 01:33:29 PM  
Welcome to 2008, NBC.

How is this news now?  Vast swathes of housing tracts in cities like Stockton and areas like the Inland Empire were bought up by foreign(mostly Chinese) investors to play the long game and rent out while the market recovers and either relocate or sell when the time is right.  This all started 5 years ago.
 
2013-11-27 04:25:52 PM  
It's a fun time to be out in the bay area right now, but the report is spot on. Nobody I know out here can buy a house because everything (everything!) is being pushed up past asking price with all-cash offers, so unless you've sold a company or hit the IPO lottery it's difficult to buy even with strong credit, excellent income and 20% down. There are just too many people coming in with 100%+ cash.

California's beautiful but I've got no problem doing my work here and retiring somewhere else if something doesn't give within the next few years. Much easier to live like a king in flyover country.
 
2013-11-27 04:39:33 PM  
The Chinese see real estate as a good investment.  Many of them don't put their money into the stock market or commodities.  They'll buy property and won't even live in it because they already have their own home.

They do it in China and they do it in the UK and I guess they're doing it in the US too.
 
2013-11-27 04:46:12 PM  
Los Angelina here, confirming the report. In 2010 I started looking into buying trailer homes (looking to pay less than 100K), and there was a glut of them. Now, anything that pops up gets taken in a month or so. When I looked at the sale bills, mostly Chinese. And yeah, you better have cash on hand.

On the one hand, you could get all xenophobic. On the other, I can see the Chinese turning and selling in an attempt to use the flipping market to raise cash for their economy.
 
2013-11-27 05:20:04 PM  
This happened to my parent's house in the decade before Hong Kong went back to the chinese: their $60K house jumped to 250K as a result.
 
2013-11-27 07:17:16 PM  
They're totally welcome to boost my house's value. Then, when I retire, I can buy a house on a large lot Somewhere Else, and enjoy gardening and counting my money.
 
2013-11-27 09:29:42 PM  

Gergesa: Fonaibung: The Smails Kid: Fan the xenophobic flames much, NBC?

Except this is really happening, and they're stating it matter-of-factly. No one likes to see their local real estate controlled by non-locals, whether they're Americans living in other states or Chinese foreign nationals.

In my circle of friends, no one can buy a house because the Chinese keep offering cash.

I bet that driving in your area will get  much more exciting in the near future.


Hehe... It's already pretty bad. I have way too many close calls with Asian women in greater proportion than their numbers here would suggest. Some truly selfish, careless, and sometimes downright aggressive behavior.
 
2013-11-27 11:08:01 PM  

Fonaibung: The Smails Kid: Fan the xenophobic flames much, NBC?

Except this is really happening, and they're stating it matter-of-factly. No one likes to see their local real estate controlled by non-locals, whether they're Americans living in other states or Chinese foreign nationals.

In my circle of friends, no one can buy a house because the Chinese keep offering cash.


See: Hawaii and the Japanese

Look mate, it's cyclical. Soon (at the rate they're going) the Chinese are going to fark themselves over and the news will have to find a new country that's going 'own America.'

Gotta fan those flames of fear...
 
2013-11-27 11:55:04 PM  
It's public record who owns the property so it's easy to verify this as average Chinese investors do not use proxies.  The story is the same all over.
 
2013-11-28 12:30:31 AM  
They money you saved buying cheap goods now goes as rent to your new Chinese landlord.
 
2013-11-28 12:26:30 PM  

Fonaibung: Gergesa: Fonaibung: The Smails Kid: Fan the xenophobic flames much, NBC?

Except this is really happening, and they're stating it matter-of-factly. No one likes to see their local real estate controlled by non-locals, whether they're Americans living in other states or Chinese foreign nationals.

In my circle of friends, no one can buy a house because the Chinese keep offering cash.

I bet that driving in your area will get  much more exciting in the near future.

Hehe... It's already pretty bad. I have way too many close calls with Asian women in greater proportion than their numbers here would suggest. Some truly selfish, careless, and sometimes downright aggressive behavior.


So, they're becoming like many of the people who already live here?

/ not Californian, but have to deal with Californians on the I-5 corridor....
 
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