Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

L.A. Times: "Caravans of cash-rich Chinese look for foreclosures & other bargain properties to buy"

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
Amerigo Vespucci Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:52 PM
Original message
L.A. Times: "Caravans of cash-rich Chinese look for foreclosures & other bargain properties to buy"
Chinese tour groups go house-hunting in U.S.
By Don Lee and David Pierson
December 7, 2008

Reporting from Shanghai -- Caravans of cash-rich Chinese in Hummers and Lincoln Navigators have been weaving through American neighborhoods in recent months, looking for foreclosures and other bargain properties to buy.

With housing prices crashing in the U.S., home-buying trips to America are becoming one of the more popular tour group packages in China. New U.S. visa rules for Chinese tourists and a loosening of foreign investment policies by China have made it easier for people such as Zhao Hongjun of Beijing to go house hunting across the Pacific.

The 48-year-old owner of a media company went on a two-week road trip through the U.S. last fall, visiting scenic sites and checking out properties from Los Angeles to New York. He's been following the swoon in prices ever since, and next month he's considering joining another prospecting group that is heading for San Francisco, Los Angeles and Las Vegas, three of the hardest-hit housing markets in the U.S.

Zhao's budget: $1 million.

http://www.latimes.com/news/nationworld/world/asia/la-f...
Printer Friendly | Permalink |  | Top
Greyhound Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:54 PM
Response to Original message
1. As in every economic crisis, the parasites come in and buy up assets at a fraction of their worth.
That's why we have to have the boom-bust cycle.


Printer Friendly | Permalink |  | Top
 
Cleita Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:54 PM
Response to Original message
2. Back in the eighties property boom, it was the Japanese and Saudis.
Maybe we should have laws making it harder for foreigners to buy up our land and businesses.
Printer Friendly | Permalink |  | Top
 
Bobbieo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:59 PM
Response to Reply #2
4. Aren't Americans guilty of the same tactics. I think the whole process is a disgrace
no matter who dies it!!!
Printer Friendly | Permalink |  | Top
 
Cleita Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 04:03 PM
Response to Reply #4
5. Yes, we have been in the past, but nowadays we just invade a country and
Edited on Mon Dec-08-08 04:05 PM by Cleita
take what we want. Buying things is so passe.

I think we really need to sit down at the table and come up with laws for trade and just how much we will allow foreign interests into our economic mix and just how much property they can buy. One way of stifling that would be to increase property taxes for out of staters, any state and that includes foreigners, to 10%. In California the residents pay only 1%. That will cool down any real estate boom from overseas and it will help with our budget deficit problem.
Printer Friendly | Permalink |  | Top
 
itsrobert Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 04:07 PM
Response to Reply #4
7. Yup
A few years ago, California investors were buying property in Texas, especially El Paso. It raised the property values quite a bit. Also, the expansion of Fort Bliss played a role in it.
Printer Friendly | Permalink |  | Top
 
PetrusMonsFormicarum Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:57 PM
Response to Original message
3. Reminds me of
Neal Stephenson's book Snow Crash, in which a foundering United States winds up franchising most of continental North America, and citizens must acquire passports to drive from one business's parking lot to another.
Printer Friendly | Permalink |  | Top
 
ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 04:05 PM
Response to Original message
6. Flush Irish have been snapping up properties in NYC for the past four years
What's wrong with it? God knows this country needs the money.
Printer Friendly | Permalink |  | Top
 
lpbk2713 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 04:11 PM
Response to Original message
8. New era carpet baggers.



Who knew? :shrug:


Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu Sep 18th 2014, 02:52 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC