[quote=FlyerInHi][quote=freshman]They have to pay cash because they cannot get a loan here as they don’t have business or job here . Also a rumor is the new “no corruption” policy came in from the new china president took the seat. They are afraid their money from laundry will be taken away, so they move their money out from china , buy whatever in other countries to save their properties oversea.[/quote]
I spent a lot of time talking to these people when they travel.
These guys are not corrupt politicians but businessmen and traders who speak English already and have been involved in international trade.
They earned their money fair and square. Maybe they didn’t pay much income taxes in their home countries, but that a different story. It’s not unusual for a small business to net $200k per year. Asians are thrifty and usually own houses paid off already (from their parents). So after a decade in business, they can easily buy a house all cash.
Same thing for people from Latin America, South Africa, etc. we live in a globalized world.[/quote]
I would add when you look around the world, at first and second world countries (and some third),
The U.S.A. is in the RE Fire sale bargain ben (not as much as we were two years ago but still a relative bargain).
Try buying a Condo in shanghai.
