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Q: Will foreign countries impose limits on real estate investments from China?
I was a bit shocked this summer, when traveling in Spain (especially Barcelona) I've discovered that usually one in four of all the restaurants were owned by either first or second generation of migrants from China. Similarly in Paris, the so called Thai and Japanese restaurants were often owned by the Chinese. I've heard that they introduced a property related tax for buyers from China in Canada in order to curb the already exorbitant prices of properties, do you think it may become a reality in Europe anytime soon?
7 years 20 weeks ago in Money & Banking - China
Not just Canada, Australia, Switzerland, UK, Hong Kong ... are discovering the menace of mainland chinese buying up their properties, and wisely erecting barriers to protect themselves. Driving up prices so the people, already being driven out of work by factories relocating to china, can't afford anymore to even live in their own country, is one thing. The long term consequences of having "people" with no morality whatsoever landing into one's country is equally serious. It is a plague. Whoever doesn't protect themselves from the China plague is as stupid as swallowing cyanide.
http://www.cbc.ca/beta/news/business/real-estate-housing-foreign-buyers-1.3479508
philbravery:
funny thing about Australia..We bitch about China yet they are not the biggest foreign owners of land in Australia. The top four foreign landholders in Australia are the United Kingdom, followed by the United States, Netherlands and Singapore. China is fifth on the table, just ahead of the Philippines, with 1.5m ha, just 2.8% of the total of foreign owned land. To put that in perspective, Chinese interests have less than 15% of the size of the S. Kidman and Co land-holdings. this was from the Australian 14.9.16
Shining_brow:
Phil... while what you write may be true, the problem isn't so much the foreign ownership - it's the how of the ownership.
The first few you mentioned there - the Brits and Yanks - are going to treat the land, people, etc with a bit more respect than the Dalu ren. They'll abide by the rules. They'll integrate into the community if they try to emigrate to Aus. Especially true when talking about big business (for the rules) and housing (when talking about emigration).
philbravery:
are you saying that the UK and the USA pay their fair share of tax in Australia as part of their integration ?
Some people want to know what's for breakfast, others are into something different.I don't expect everyone to share my interests, but I will still hope that there are some such people.
Not just Canada, Australia, Switzerland, UK, Hong Kong ... are discovering the menace of mainland chinese buying up their properties, and wisely erecting barriers to protect themselves. Driving up prices so the people, already being driven out of work by factories relocating to china, can't afford anymore to even live in their own country, is one thing. The long term consequences of having "people" with no morality whatsoever landing into one's country is equally serious. It is a plague. Whoever doesn't protect themselves from the China plague is as stupid as swallowing cyanide.
http://www.cbc.ca/beta/news/business/real-estate-housing-foreign-buyers-1.3479508
philbravery:
funny thing about Australia..We bitch about China yet they are not the biggest foreign owners of land in Australia. The top four foreign landholders in Australia are the United Kingdom, followed by the United States, Netherlands and Singapore. China is fifth on the table, just ahead of the Philippines, with 1.5m ha, just 2.8% of the total of foreign owned land. To put that in perspective, Chinese interests have less than 15% of the size of the S. Kidman and Co land-holdings. this was from the Australian 14.9.16
Shining_brow:
Phil... while what you write may be true, the problem isn't so much the foreign ownership - it's the how of the ownership.
The first few you mentioned there - the Brits and Yanks - are going to treat the land, people, etc with a bit more respect than the Dalu ren. They'll abide by the rules. They'll integrate into the community if they try to emigrate to Aus. Especially true when talking about big business (for the rules) and housing (when talking about emigration).
philbravery:
are you saying that the UK and the USA pay their fair share of tax in Australia as part of their integration ?
I agree with what Earthizen wrote, and just add that what Chinese are legally able to do in our countries (purchase property in perpetuity, easily emigrate, etc) is something that foreigners are not allowed to do in China. Sure, you can buy a 'house' if you're married to a dalu ren, but there are limits imposed all around, and you realistically aren't buying to rent it out (as many Chinese do).
Also, many Chinese are buying with the intention of sticking with their own people (mainland Chinese) and deliberately not bothering to integrate too much with the new culture. If you're actually going to invest in real estate and emigrate to a country, that's just BS!!!
earthizen:
Talking about perpetual rights to owning a property in developed countries, someone told me today that buying properties in PRC is NOT perpetual ---- your rights to the properties you bought is limited to 70 years. She told me to go check it out, read the fine prints, i.e. where the devil is.
Shining_brow:
Yeah, Earthizen, I know.. that's why I mentioned it. It's something you can do in our countries, but not here.
Countries should protect their economies, simple sense. China does, when other countries try to impose similar regulations that China imposes on foreigners, they cry protectionism. Locals in western countries are not working hard and pulling their weight, leaving the door open for outsiders.
earthizen:
We have something called the labor union in developed countries, and hefty taxes too. The unions are doing their job at protecting their members from being exploited by the "evil capitalists", striking a balance of power. Without countries like China where human rights are non-existent and dog eat dog is the only means to live, things would work out. When China enters the picture, with decades of jealousy and hatred against the "haves" (namely developed countries) their mentality is one of war-mongering. Leaving the door wide opened has already allowed numerous torpedoes from China to strike their targets head on. The only smart thing to do is what America did with Japan after Pearl Harbor ---- strike back !!! No other choice. No mercy either. There wouldn't be any USA today if the Yankees didn't do a thing after Pearl Harbor. Who says studying history is useless? Not me.
