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It's my opinion there are generally 4 kinds of Chinese UHNWIs: 1. Mainland with no interest in foreign investment 2. Mainland mostly with some foreign investm
by 1letterunixname 4y ago
It's my opinion there are generally 4 kinds of Chinese UHNWIs:
1. Mainland with no interest in foreign investment
2. Mainland mostly with some foreign investments
3. Split between mainland and foreign
4. Trying to move mostly foreign while keeping some in mainland (generally to take care of family or business concerns back home)
In the US as a more stable asset haven, hot real estate markets are usually where large piles of cash are parked by global investors, not just Chinese. The people in the 4th group often try to emigrate because individual property rights still aren't fully guaranteed in China. (Jack Ma is an example.) You would too if your neighbor had their assets seized or frozen arbitrarily.
- ginko 4y agoWhat’s a UHNWI?
- IdiocyInAction 4y agoUltra high net worth individual
- ur-whale 4y agohttps://en.wikipedia.org/wiki/Ultra_high-net-worth_individual https://en.wikipedia.org/wiki/Ultra_high-net-worth_individua... TL;DR: net worth more than 30MUSD
- diceduckmonk 4y agoI mean technically people can’t own land in China, they’re just leasing it from the government. This assumption has been baked into real estate prices but people bid it up anyways.
- onetokeoverthe 4y ago[dead]
- enkid 4y agoThen I don't think the assumption is built into real estate prices.
- speed_spread 4y agoWe can conclude that people are bidding into the state's unwillingness to repossess real estate for the period they intend to hold themselves onto it. It's a sucker's game of hot potato where nobody is allowed to say just how fucking hot the potato is.
- 1letterunixname 4y agoTrue. And it can be taken away almost arbitrarily. This is why foreign real estate investment is so much safer.
- koreanguy 4y ago[dead]
- Convolutional 4y ago> technically people can’t own land in China, they’re just leasing it from the government So it works like land in the UK, which is all owned by the King of England, but which is "leased" from him?
- Waterluvian 4y agoI think a core difference is that the law doesn’t stipulate that the land defaults back to the Crown after 100 years. The difference is that in one system it’s symbolic and in the other system it has practical effects to manage ownership. I don’t think the Crown can decide, “I think we’ll just stop renewing the lease on this.”
- notahacker 4y agoThat's... not how land in the UK works. Even the fraction of land which is owned by the Crown Estate and has tenants with fixed term contracts and obligations isn't administered by and doesn't send revenues to the King...
- Convolutional 4y agoThe fraction of land the Crown Estate owns, plus the land it gains when an estate is intestate. Plus the reversionary rights of the Crown Estate. You are correct in what you said, but as I said, it works in China like it does in the UK (with of course some differences naturally). If you consider how the Crown Estate works in the UK, China works in a similar way.
- ginko 4y agoChinese land grants are limited in time. For instance residential leases last 70 years.[1] This means that the first leases granted after the communist revolution in 1949 are going to run out in 6 years. [1] https://en.wikipedia.org/wiki/Property_law_in_China#Obtaining_land_use_rights https://en.wikipedia.org/wiki/Property_law_in_China#Obtainin...
- onethought 4y agoWhat’s the point of this distinction? Also where do you get this information from?
- 1letterunixname 4y agoIsn't it obvious? Some people will care about an ability to move money offshore while others don't.
- onethought 4y agoAll of those people want to move their money offshore. No one with money wants it within reach of the CCP. Heck even Xi has moved his money offshore.
- coffeeblack 4y ago"Not fully guaranteed" is putting it mildly. There are no personal property rights in China. Or any other rights. Try crossing a CCP member, or worse a member of the military.