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It's happening to countries all around the pacific rim (well, without being too rude, all the stable countries). Chinese money is land-banking in Vancouver, US
by jimjimjim 10y ago
It's happening to countries all around the pacific rim (well, without being too rude, all the stable countries).
Chinese money is land-banking in Vancouver, US north west, Australia, and Auckland in nz.
and countries don't dear stop it because it will tank the real-estate bubble too quickly (it'll go before the tech bubble anyway). But if it does it will actually be good for the economies because capital tied up in unused land is worthless to the economy.
- vorg 10y agoex-IT workers who left these places say "My job went to India and my home went to China."
- antisthenes 10y agoTrue globalization!
- mikhailfranco 10y agoYes, insane property prices in Oz & NZ: http://www.acting-man.com/?p=46075 http://www.acting-man.com/?p=46075 Canada and Australia have been hit hard by the commodity collapse, and their currencies have crashed, so their property has inflated in local nominal prices, as foreigners have bought anything with a roof (or even without). But their internal economies have not reacted to the loss of export business and imported inflation for consumer goods. They keep high-taxes and high-welfare socialist economies which are sleep-walking off a cliff - this will not end well. NZ is in a slightly better position, because it produces more agricultural commodities than industrial minerals, and it restructured its taxes and regulations to become more friendly to businesses and individuals (no capital gains tax, no inheritance tax). But its real estate market is also in a crazy bubble, which will collapse if the foreign buyers disappear.
- lucaspiller 10y agoThe same is true in London, mainly with investors from Russia, China and the Middle East. Compared to their countries, they see these as a 'safe haven' for their money. https://www.theguardian.com/society/2014/dec/26/londoners-miss-out-as-foreign-investors-buy-up-home-sites https://www.theguardian.com/society/2014/dec/26/londoners-mi...