Thanks to Gord Price for this from the New York Times:
Chinese Cash Floods US Real Estate Market
In London, Chinese investors are purchasing high-end apartments in wealthy neighborhoods and big skyscrapers in the financial district. In Canada, they are paying $1 million for modest Vancouver bungalows. In Australia, a Chinese sovereign wealth fund bought nine office towers, one of the biggest real estate transactions in that nation’s history.
Some familiar data:
While Chinese purchases make up a small sliver of overall sales in the United States, they have had a disproportionate impact on the market for more expensive properties, buying one in 14 homes sold for more than $1 million.
And familiar analysis of motivation:
Some Chinese are buying homes purely as investments, capitalizing on surging rents in many parts of the United States. Others are trying to move their money beyond the reach of the Chinese government.
Many buyers have their children’s education in mind, picking up homes in good school districts or close to universities.
And how about these twinning pix:
In the 1990s when there was a lot of money from Hong Kong looking for a place to land the City Council created opportunities for development in North False Creek and Coal Harbour. This money should be used to create new housing.
Shh didn’t you hear the mayor tell us we are not supposed to talk about race! The facts should not be swept under the rug.
All the dirty chickens created when multinationals decided they didn’t want to pay living wages and then shifted jobs to China are coming home to roost. Not only do we have to live with degradation to the global environment caused by a country with appalling environmental standards, we now have a flood of dirty money pricing us out of house and home to accompany it.
In 2011 the US sent $12 million dollars in foreign aid to China, some for Climate Change policy. Canada sent $22 million in 2014.
http://cidpnsi.ca/canadas-foreign-aid-2012-2/