Foreign ownership - Property

[Lord Vutulaki]

Just wanted to get a feel for how foreign ownership is effecting member's property markets around the globe..

Here in Sydney we had a really good market adjustment (correction) during the last quarter of last year regarding our residential property market.

Rich Chinese investors (of various nationalities but mainly mainland and HK Chinese have been coming over and buying up entire floors of new residential developments for a number of years, has resulted in two things;

i) Developers have successfully lobbied various councils to change zoning laws from low density to med-high density so suburbs which were previously filled with homes on a quarter acre block are now filled with new Town houses or apartment blocs

ii) Property prices were artificially inflated, we saw this when the Chinese pulled out of the market towards December of last year and residential properties in my area dropped by $20K - $30K uniformly over night, which is what they would be worth if foreign ownership laws were tightened. At the big end of town they dropped by millions. Looks like the Chinese are back this year....

I know from speaking to my cousins in Vancouver that they are at the tail end of this (ahead of Sydney), so what about other large global cities? is there much Chinese interest in the US residential market and what are the laws like there?

Im in two minds about it myself, Im looking to upsize and this is biting my in the ass in the short term but then I do see the economic benefits long term, our local shopping center for instance was a ghost town, Id go there during lunch in HS and half the retailers would be shut as there werent any shoppers except mums buying groceries.

Now with the influx of Chinese and massive apartments built around it you cant even get a parking spot at 16:00 on a Sunday afternoon - Retailers are raking it in and the trading/buying/Entrepreneurship nature of the Chinese means that there is no slumps, they will literally be at the seafood store at 22:00 Tuesday night buying crabs or some shit whereas the traditional Aussie style was Thursday night shopping - EVERYONE shops for groceries and what not Thursday night (traditional payday)

I reckon its gonna hurt the little guys in the short term but overall foreign ownership and a balanced free trade is good for economies.

 

[Hwoarang]

Yeah man. This is great for China. They need to expand. Keep selling off Australia.

 

[Hwoarang]

Australia has had a pretty strong economy over the last few decades largely contributed by agriculture.

Now they're selling off their land and they've announced before long they won't even be producing their own food, but will be supplied by China thanks to the free trade and now the TPP.
Hepatitis, human faeces, lead, and hallucinogens are just some of the things that have already been found in imports from China and something that will start becoming far more common as the shift to relying on them grows.
Go Australia! (Little China?)

 

[Lord Vutulaki]

I was limiting this to the residential property market but youre right agriculture is one of our strong points and we have a huge competitive advantage being so isolated

BUT we make a hell of a lot more off them than the other way around.

Back to the residential property market, when Aussies bought up large chunks of Bali and thailand driving locals out of those markets no one gave a fuck but when our Chinese overlords do the same to us its a problem.

IDK looks like foreign ownership has benefited TL and Bali long term as well.

 

[mysticmac]

I don't think it is very widespread. At least not in my city. It does happen on a smaller scale though. I use to rent a house that was owned by a guy in China.

I'm not sure what the laws are as far as foreign ownership goes, but real estate tend to be a hot market around here which drives prices up. Between that and banks not listing properties they own, prices get driven up noticeably.

 

[Lord Vutulaki]

I don't think it is very widespread. At least not in my city. It does happen on a smaller scale though. I use to rent a house that was owned by a guy in China.

I'm not sure what the laws are as far as foreign ownership goes, but real estate tend to be a hot market around here which drives prices up. Between that and banks not listing properties they own, prices get driven up noticeably.

Yeah I recko it would be hard for them to put a dent in a market the size of the US, but we are small fry.

Progress....

 

[BrunoMcGyver]

I'd be all for it if we were able to do the same elsewhere.

As far as I'm aware (and I'm NOT an expert on this issue) foreigners can buy lands and houses here in Aust, but most Asian nations do not allow non-citizens to buy their land. If you buy a house in a place like Indonesia or Thailand, for example, you are just buying the house and a lease on the land for a couple of decades. At least that's my understanding.

 

[Disciplined Galt]

I'd be all for it if we were able to do the same elsewhere.

As far as I'm aware (and I'm NOT an expert on this issue) foreigners can buy lands and houses here in Aust, but most Asian nations do not allow non-citizens to buy their land. If you buy a house in a place like Indonesia or Thailand, for example, you are just buying the house and a lease on the land for a couple of decades. At least that's my understanding.

Correct! I think Americans can buy land here for some reason, but since I am not American I haven't looked into it.

 

[BrunoMcGyver]

Correct! I think Americans can buy land here for some reason, but since I am not American I haven't looked into it.

True? Lucky them! hahaha.

I do understand why they don't allow it for everyone. Us westerners, as a whole, do earn a lot more money than they do, and there'd be a lot of us wanting to go over an buy the place up.

Same thing happens in our countries, though, maybe to a lesser degree, but I know If I bought a house here in Perth that it would take me a good 25 years to pay (and I would have to be employed for that entire time too)

 

[Disciplined Galt]

I like the idea of nation-states "looking out for their own"

 

[Disciplined Galt]

Some input from Tim Ward. He's got an offer out for fighting him with 10k AUS $ if you beat him. I'm thinking about taking it.

 

[Lord Vutulaki]

True? Lucky them! hahaha.

I do understand why they don't allow it for everyone. Us westerners, as a whole, do earn a lot more money than they do, and there'd be a lot of us wanting to go over an buy the place up.

Same thing happens in our countries, though, maybe to a lesser degree, but I know If I bought a house here in Perth that it would take me a good 25 years to pay (and I would have to be employed for that entire time too)

Population density - we have a fuck tonne of land here its just that we are small minded lazy cunts who think if youre not living in a capital city you suck. Not suggesting we can achieve what America has with what 48 mainland States/cities but the way were are bunched up in 5 major cities is fucked.

If we want to get past being a "middle power" we need at least 100mio people living here not 25mio FFS

Also the leases in TL are for 99 years so its for your lifetime plus a big chunk of your kid's who can probably renew anyway

 

[Lord Vutulaki]

Some input from Tim Ward. He's got an offer out for fighting him with 10k AUS $ if you beat him. I'm thinking about taking it.

Sharky looks after fellow Aussies in Patts, good bloke and fucking alphas the Thai police, did you see him basically walk out of Patts Police station after being "caught" with drugs in his house yelling at the Thai cops calling them corrupt?

 

[Disciplined Galt]

Population density - we have a fuck tonne of land here its just that we are small minded lazy cunts who think if youre not living in a capital city you suck. Not suggesting we can achieve what America has with what 48 mainland States/cities but the way were are bunched up in 5 major cities is fucked.

If we want to get past being a "middle power" we need at least 100mio people living here not 25mio FFS

Also the leases in TL are for 99 years so its for your lifetime plus a big chunk of your kid's who can probably renew anyway

Except when there's a coup and they do whatever they want. Friend of mine got kicked out of his restaurant business when the Reds took over back in like 08.

 

[Lord Vutulaki]

Except when there's a coup and they do whatever they want. Friend of mine got kicked out of his restaurant business when the Reds took over back in like 08.

Yes true but the chances of the reds kicking you out of your seaside services apartment in Koh Chang?

 

[Disciplined Galt]

Sharky looks after fellow Aussies in Patts, good bloke and fucking alphas the Thai police, did you see him basically walk out of Patts Police station after being "caught" with drugs in his house yelling at the Thai cops calling them corrupt?

I like the guy, seems like a great bloke. But 10k Aus would be nice and I like my chances.

 

[Disciplined Galt]

Yes true but the chances of the reds kicking you out of your seaside services apartment in Koh Chang?

Chiuchow landlady threatens to kick me out once a week. Like where the fuck would I go? Camping in front of the apartment complex barking at people, she knows this.

 

[Lord Vutulaki]

Chiuchow landlady threatens to kick me out once a week. Like where the fuck would I go? Camping in front of the apartment complex barking at people, she knows this.

Chiuhows fucking it up from the slums of Thailand to the middle class suburbs of Sydney ror

 

[Deleted member 1]

Some input from Tim Ward. He's got an offer out for fighting him with 10k AUS $ if you beat him. I'm thinking about taking it.

Fucking hell, sharky is almost endearing in this video.

 

[Lord Vutulaki]

I like the guy, seems like a great bloke. But 10k Aus would be nice and I like my chances.

You'd beat him more than likely, skinny pittbul vs a fat one.

Youre white in Thailand, surely you can find a better way of making 10,000 baht without fighting a dodgey Aussie convict in Patts.

 

[Lord Vutulaki]

Fucking hell, sharky is almost endearing in this video.

Was just watching and thinking that 10 mins ago

 

[Ghost Bro]

Its happening here too to some degree, I think the biggest investors here are Russians iirc. Every now and then, there's people calling for foreign ownership to be banned in the UK..its kinda worrying, but atm people would rather pretend the market's doing great and there's no issue.

"over the past two years only 27% of new homes in central London went to UK buyers, while more than half were sold to residents of Singapore, Hong Kong, China, Malaysia and Russia."
Stop rich overseas investors from buying up UK homes, report urges

 

[Disciplined Galt]

Fucking hell, sharky is almost endearing in this video.

To me he comes off as a genuinely nice guy, I know that he's stabbed some people but we all make mistakes.