China; “With new project prices down over 20%, ‘homeowners’ exclaim “return our hard-earned money” and “this is very unfair…”
China; “With new project prices down over 20%, ‘homeowners’ exclaim “return our hard-earned money” and “this is very unfair…”
China’s Minsky Moment is upon us.
Spoke with a realtor in Vancouver today. Activity has really waned here too. Might be due to the Feds ending that foreign investment program recently.
So where is a corrupt Chinese gov’t official going to stash his millions in illegitimate funds?!?
Don’t the Chinese know anything about “Bread and Circuses”?
There’s a pet Wookie in town, use it like the Panda’s to distract.
Welcome to the world of underwater mortgages. So glad our Chinese brothers and sisters finally got with the program…
Hard to know what effect this might have on Vancouver real estate. Financial problems for some Chinese could lead them to sell Vancouver real estate because they need funds, glutting the market. OTOH, turmoil in China could mean more people trying to get their money out, spurring demand. If it’s a matter of money embezzled from state-owned enterprises, then there’s no debt problem involved. The Immigrant Investor Program? A terrible idea to be sure, but its demise — if it’s really that — is probably of no immediate importance.
Our host is correct, It’s Probably Nothing.
After all, there were no bad effects when the US Housing market imploded in 2007. All those empty cities will soon be filled with vibrant commerce. The rework and repair of shoddily built projects alone will keep the Chinese economy roaring for years.