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That looks great. More countries should have this kind of initiatives, so we could have technology to spread worldwide, instead of getting concentrated into a s
by coliveira 8y ago
That looks great. More countries should have this kind of initiatives, so we could have technology to spread worldwide, instead of getting concentrated into a single high-cost area of the world.
- beebmam 8y agoFWIW, decent real estate is actually more expensive in large Chinese cities than in the US.
- coliveira 8y agoBut China is bigger than the US, they have much more space for development.
- chibg10 8y agoThis isn't true? Real estate prices in Shanghai and Beijing are lower (in absolute terms) than SF and NY. Relative to local incomes they're probably more expensive though. Shanghai and Beijing are (I believe) more expensive than Chicago or Atlanta in absolute terms.
- stevenwoo 8y agoI vaguely recall reading somewhere that all real estate ownership in China is limited to 70 years for residential buildings, and that is one reason why so many Chinese invest overseas - to build capital over generations.
- rahimnathwani 8y agoLand cannot be owned privately, but the government can grant a long lease (max 70 years for residential, 50 years for commercial). But IIRC the first of those 70 leases has yet to expire, so we don't know what will happen when they do.
- digaozao 8y agoWhat happens when you sell? The person only gets 70-x years of leasing? Or it renews?
- rahimnathwani 8y agoThe lease applies to the land on which the apartment is built. The 'owner' of the apartment building cannot grant you a lease that goes beyond the period remaining on the land lease. So you get 70-x. But not sure what will happen when these leases begin to expire.
- seanmcdirmid 8y agoYou can find a 90 sqm apartment in Beijing for $800k, 1 million if it’s in a brand new building. And Shanghai is much worse than BJ. It is definitely comparable to Seattle, if not San Francisco. Given such an anemic stock market, everyone invests in real estate instead, leading to a massive bubble not seen since Japan in the 80s.
- joshuaheard 8y agoWhere I live in Seattle, one reason for the high cost is Chinese cash buyers snapping up real estate to move their assets out of the country. China's authoritarian government's policy is world domination, and I don't think we should be helping them.
- StudentStuff 8y agoIgnore our highly restrictive zoning for the majority of the city, and the booming giants we have from Boeing to Amazon crowding the region. Many of the people I grew up with have moved from Capitol Hill, Ballard & West Seattle to Marysville, Tacoma and Issaquah due to the housing crisis pricing them out of the city. Condo complexes are practically never built due to our state liability laws, and the only apartments being built are premium units, as once you deal with the zoning requirements and end up with 20% of your building's floor space getting lopped off, that is the only thing that can profitably be built.
- joshuaheard 8y agoSeattle does have many other housing problems. However, I was outbid by all-cash Chinese buyers in Bellevue and Sammamish, as well, when looking for a house.
- StudentStuff 8y agoHave you looked at the zoning code in Bellevue or Sammamish? Its likely much worse than Seattle's, I know Kent's zoning is positively wretched, mandating that more than half of any commercially zoned property be paved for parking. How can you have density when you zone it away?
- Latteland 8y agoI have heard rumors of Chinese people buying up real estate, but I have never seen it in Bellevue. i live on a street with expensive homes, only 1 out of say 30 around me is owned by a person who appears to be of Chinese descent. Where is the evidence for this?
- 8y ago