More concerned about China than Greece

[daepp]

There economy may be a paper tiger, I cannot say, but there sure are a boatload of Chinese buyers of residential properties in So Cal at the moment. In fact, it's been going on for at least a decade, but it seems to have really picked up speed in the last year or two.

Hard assets is what I've been told...

[jyl]

China's wealthy are looking for places to put money outside of China. Some of them are probably also looking for another country to live in, should the "anti corruption" campaign reach them.

[Rick Lee]

Originally Posted by jyl

China's wealthy are looking for places to put money outside of China. Some of them are probably also looking for another country to live in, should the "anti corruption" campaign reach them.

That's been going on for a loooong time. My Chinese ex's super rich dad bought his Canadian citizenship about five yrs. ago. With that he can come to the US at will, bought a house in Dallas that his brother (a US citizen) maintains for when they want to have a family gathering. To get his daughter her green card, he arranged a no-show job (ala Sopranos) for her at a friend's accounting firm in VA. Friend paid her $36k/yr. and sponsored her H1. Her dad reimbursed him in China. Ex is now a US citizen and she and her dad can travel anywhere on their passports. Only downside is having to pay for a Chinese visa. He bought her a house in VA and has lots of other holdings here and in Canada.

[jyl]

Interesting thing is, there have been a couple cases of Chinese government prosecuting a Chinese citizen for corruption, and that citizen taking refuge in the US using either bought legal residency such as you describe, or fake documents. China has hundreds more such people it is seeking to extradite. Not sure how many the US is returning, a couple so far.

[BE911SC]

Originally Posted by jyl

China's wealthy are looking for places to put money outside of China. Some of them are probably also looking for another country to live in, should the "anti corruption" campaign reach them.

Bay Area real estate. Among other places.

Of course, an American sells it to them. Money doesn't care where it comes from, just that it does.

[creaturecat]

Originally Posted by Rick Lee

China is far more capitalist than the US and we have a far higher incarceration rate than they do.

Actually, China does have a communist government,, with zero regard for human rights.

[red-beard]

Originally Posted by jyl

Interesting thing is, there have been a couple cases of Chinese government prosecuting a Chinese citizen for corruption, and that citizen taking refuge in the US using either bought legal residency such as you describe, or fake documents. China has hundreds more such people it is seeking to extradite. Not sure how many the US is returning, a couple so far.

At present, the courts have multiple millions of immigration cases...They've had the Cloward and Piven tango done to them.

[red-beard]

Originally Posted by creaturecat

Actually, China does have a communist government,, with zero regard for human rights.

I think what Rick is trying to say is that they don't have a tenth of the regulation built up like the western countries. They do have more corruption than most of the western countries, but that is a carry over from the top down type of government.

[jyl]

Originally Posted by red-beard

I think what Rick is trying to say is that they don't have a tenth of the regulation built up like the western countries. They do have more corruption than most of the western countries, but that is a carry over from the top down type of government.

I'd say they have more corruption than any western country.

One reason the Chinese economy is slowing is Xi's anti corruption drive. People who normally give and take bribes are getting cautious. That is significantly slowing down the entire economy! Think about that.

[TheMentat]

Originally Posted by jyl

China's wealthy are looking for places to put money outside of China. Some of them are probably also looking for another country to live in, should the "anti corruption" campaign reach them.

This is what drives the real estate prices we see out of here. Unfortunately, I don't see it ending soon... maybe even accelerating?!?

[creaturecat]

"top down type of government" is the term "communist" no longer pc?

[sc_rufctr]

Is anyone really surprised by this?

Their economic growth couldn't go on forever but I wouldn't count them out yet.
If nothing else they are resilient.

What staggers me is the scale of the losses. 3.2 Trillion in less than a month!

The next 18 months will be very interesting.

[flatbutt]

Wait. Doesn't China hold alot of our (US) debt? Something like 7%? What if they want their money from us?

[Jim Richards]

Just print it, baby!

[Rick Lee]

Originally Posted by creaturecat

"top down type of government" is the term "communist" no longer pc?

What's communist about them other than one party rule and strongly discouraging political dissent, which a ton of other non-communist countries do? They allow private property ownership, indeed they encourage profits and entrepreneurship, they have an exploding upper and middle class, they don't even pretend to care about exporting revolution or expanding their empire and, well, they are far wealthier than we are, to the extent that we have to borrow from them. If that's communism, I'll take it.

[jyl]

Originally Posted by Rick Lee

What's communist about them other than one party rule and strongly discouraging political dissent, which a ton of other non-communist countries do? They allow private property ownership, indeed they encourage profits and entrepreneurship, they have an exploding upper and middle class, they don't even pretend to care about exporting revolution or expanding their empire and, well, they are far wealthier than we are, to the extent that we have to borrow from them. If that's communism, I'll take it.

Hand over your guns.

No moving from VA to AZ, without getting (bribing?) permission.

Enjoy your emphysema and other lung diseases, and the other benefits of severe pollution.

[Rick Lee]

Originally Posted by jyl

Hand over your guns.

The same could be said for the UK, Mexico, Canada, Japan and countless other liberal democracies. China could legalize guns tomorrow and almost no one would buy them because there simply is no gun culture there. If private gun ownership is anyone's measure of non-communist gov't., then most of allies must be communists.

[BE911SC]

Boom, bust, boom, bust. Repeat.

Capitalism, as practiced by capitalists and communists.

[jyl]

Originally Posted by Rick Lee

The same could be said for the UK, Mexico, Canada, Japan and countless other liberal democracies. China could legalize guns tomorrow and almost no one would buy them because there simply is no gun culture there. If private gun ownership is anyone's measure of non-communist gov't., then most of allies must be communists.

I realize that many countries restrict private gun ownership far more than the US; we are unique in our gun culture.

But communist countries, and otherwise authoritarian countries, are especially restrictive - when your government depends on repressing the citizens, preventing them from having guns is a fundamental principle.

SoI thought it odd that you'd welcome living in such a society.

[pcardude]

I'll never understand why people cheer at others misery. China does things their way and they have a right to. So wtfe

Parf this ****ty thread