Bubble in Chinese Housing in the US?
The recent prices for houses in Arcadia and San Marino amaze me. A 1522 sq ft house in Arcadia is going for $960,000. In San Marino, a 963 sq ft house for $1.2 Million. San Marino has one of the top school districts in CA, and Arcadia is not far behind. And top school districts are a big attraction for ethnic Chinese. And Arcadia and San Marino are in the middle of the San Gabriel Valley, that has a huge Chinese infrastructure - Chinese bakeries, restaurants, banks, etc. Which is why Beverly Hills that also has excellent schools, does not have a large Chinese population.
Chinese buyers are focused on Los Angeles, San Francisco, Irvine, New York, Las Vegas, Detroit, Seattle, Miami, Orlando, Boston Anderson SC, Chicago, Houston, San Diego. Yes, I know, Detroit?
My understanding, is a lot of Chinese are investing in the US as a safe haven, as well as for environmental reasons for their family. The question is if there is a $50,000 limit per year for taking money out of China, how were these housing purchases being made? What I read recently, is some Chinese banks had a special program for sending money out of the country for real estate purchases. CCTV did a recent expose on this, and the program was temporarily stopped. Per the WSJ the program will probably be restarted. A more negative view - Did China Just Crush The US Housing Market? My wife's comment, is Chinese have a lot of relatives, so there is going to be little impact on Chinese buying houses in the US.
Chinese buyers are focused on Los Angeles, San Francisco, Irvine, New York, Las Vegas, Detroit, Seattle, Miami, Orlando, Boston Anderson SC, Chicago, Houston, San Diego. Yes, I know, Detroit?
My understanding, is a lot of Chinese are investing in the US as a safe haven, as well as for environmental reasons for their family. The question is if there is a $50,000 limit per year for taking money out of China, how were these housing purchases being made? What I read recently, is some Chinese banks had a special program for sending money out of the country for real estate purchases. CCTV did a recent expose on this, and the program was temporarily stopped. Per the WSJ the program will probably be restarted. A more negative view - Did China Just Crush The US Housing Market? My wife's comment, is Chinese have a lot of relatives, so there is going to be little impact on Chinese buying houses in the US.
Labels: bubble, Chinese Housing, investing
posted by Anonymous at
9:09 AM
0 comments
