Feb 13 — Beijing lawyer Ying Guohua is heading to the United States on a shopping trip, looking not for designer clothes or jewellery, but for a US$1 million (RM3.6 million) home in New York City or Los Angeles.
He expects to get a bargain. Ying is part of a growing number of Chinese who are joining tours organized especially for Chinese investors who want to take advantage of slumping US real estate prices amid a financial crisis.
"It's a great time to buy because of the financial crisis, and houses in large cities like New York and Los Angeles will definitely go up in a few years," Ying said.
China's ultra-rich have been buying property in the US for years, and more are joining the buying tours made attractive by still-rising Chinese income levels and American real estate prices that have been falling for 2½ years. More than 100 Chinese buyers have joined such tours since late 2008.
The US has plenty of unsold homes to offer — 3.67 million as of the end of December. The price of the house, a buyer said, was US$1 million compared with US$1.3 million before the crisis in early 2007.
The home-buying opportunities mirror a larger trend. Cash-rich Chinese companies are looking to buy resources made suddenly cheaper by the downturn or companies suffering under the global debt meltdown. Yesterday, the Aluminum Corp of China, also known as Chinalco and the world's leading aluminium producer, invested US$19.5 billion in debt-burdened global miner Rio Tinto Group — China's biggest overseas investment to date.
Source: The Malaysian Insider
He expects to get a bargain. Ying is part of a growing number of Chinese who are joining tours organized especially for Chinese investors who want to take advantage of slumping US real estate prices amid a financial crisis.
"It's a great time to buy because of the financial crisis, and houses in large cities like New York and Los Angeles will definitely go up in a few years," Ying said.
China's ultra-rich have been buying property in the US for years, and more are joining the buying tours made attractive by still-rising Chinese income levels and American real estate prices that have been falling for 2½ years. More than 100 Chinese buyers have joined such tours since late 2008.
The US has plenty of unsold homes to offer — 3.67 million as of the end of December. The price of the house, a buyer said, was US$1 million compared with US$1.3 million before the crisis in early 2007.
The home-buying opportunities mirror a larger trend. Cash-rich Chinese companies are looking to buy resources made suddenly cheaper by the downturn or companies suffering under the global debt meltdown. Yesterday, the Aluminum Corp of China, also known as Chinalco and the world's leading aluminium producer, invested US$19.5 billion in debt-burdened global miner Rio Tinto Group — China's biggest overseas investment to date.
Source: The Malaysian Insider
We have the "Malaysia, Your Second Home" programme, but the Chinese aren't showing interest.
American government would have to ponder over the influx of these Chinese and may consider to adopt our Malaysian NEP; otherwise, the Americans would some day complain about the rich immigrants who would occupy their land.
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12 comments:
this indeed something for PAK BENGGAP LAH and NAJIB THE BOMBER must consider.
buy real estate in United State and get their burial in USA, the land of change.
they should see their dead souls enjoying winter autumn summer and spring, not like in Prescint 20 PutraJaya!
'American government would have to ponder over the influx of these Chinese and may consider to adopt our Malaysian NEP; otherwise, the Americans would some day complain about the rich immigrants who would occupy their land.'
This is what happens when you look at the world through the 'Ketuanan Melayu' lens. The US has and will always be a land of immigrants. Obama's election a President is proof that the US can cope with demographic changes in its population. The US do have their own versionn of the NEP. It favors a MINORITY who are unable to fend for themselves or are prevented for fending for themselves. This is a far cry from the NEP which favors the MAJORITY MALAYS who already control the banking system and political system of Malaysia and who continues to engorge themselves on the NEP goodies which the non-Malays make possible through the taxes they pay. How dare you compare a racist NEP to the true affirmative action programs found in the US.
Hope the Chinese not interested with our 2nd home prog. Just to much ungratefull china man in here. I don't want more of them in this country
Uncle Sam is more than welcome on the influx of load cash.
If anyone still remember how 80's booming Japan economy help their corperate sweep US propertis and stock market. When US$ fall against Yen, Japan fell into recession.
OTH, Bolehland smart-alecks that draft the economy policies has little clue about economy.
BTW, so call China "investor" are people that lock up by excessive US$.
With falling order, China government force them to help uncle Sam to "stimulus" market.
If we look at the debt notes issued by the US and how much of these China is holding, I think we can on a simplistic level say that the US is ownned by China.
Actually the UMNO dna did cross the ocean and landed in America in the form of Senator McCain and Gov Palin. Well, their type of campaigning sure does looks like its taken from an UMNO written textbook. Fortunately for America, those two failed miserably. If you look carefully both McCain and Palin does resemble someone in UMNO. To me Palin is the skinnier version of Rosmah, both are diagnosed as shopaholic with very little brain matter. McCain has so many relative in UMNO. They share the same traits as senility, incoherent thought and out of touch mentality. Syed Hamid could be his siamese twin in another life, me thinks.
Right thing to do if you have plenty of CASH and things are cheap.
Malaysia's "My Second Home"? You gotta be kidding!!! What else can Malaysia offer? Come here to do what? Monopolised cable TV that shows shitty repeats? The Internet SUCKs big time at 1MB? Pays RM30 for pet dogs to be violently killed? No High Definition TV but talk cock about Super multi Media Corridor? Eat 'fake' food and says it is "World's Best"?
Malaysia BO-LIAU!!!!
Cheers and Regards
Birds Talking Too
Malaysia offer u religious bodies who call after midnight and ask for your marriage certificate!
I agree with Birds Talking Too. My exact sentiments...
najib as the next pm...
who they fcuk want to invest here!
'YOUR 2ND HOME' PROGRAMME...
NOT ONLY THE CHINESE BUT THE WHOLE FUCKING WORLD IS NOT INTERESTED.
ONLY ATTRACT SOME CHEAPSKATE RETIREES LOOKING FOR SUNSHINE & CHEAP GREEN FEES...
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