are these real buyers or just posing as buyers to employ part of 3 T or so reserves. china inventing new way how to keep usd strong and diversify ???
Maybe. But consider the sheer numbers that China have. In time to come, they will have an upper-middle class population that is larger than the whole of the USA combined. Perhaps it has already happened.
I know a guy in Palo Alto that he buys these small homes for $1 million, tears them down, spends about $800k to $1m to build a new house and sell them for $3m+. So far everytime he has sold one, its been to a chinese buyer, and not a local chinese buyer, but someone who actually still resides in China.
This is the real housing "recovery" since '08. Chinese investors buying multiple houses for rent or assets , whole apartment complexes too, what CNBC and other propaganda won't emphasize to the public. Saudi Arabia meanwhile funds City Center in Las Vegas. While driving past all those "fireworks" stands on July 3rd, and all the fireworks made in China.
http://www.trulia.com/blog/gisele_z...perty_for_green_card_-_understanding_the_bill Many foreign investors have been waiting for the Visit USA Act bill, which if passed, will allow foreigners to acquire residency in the US by purchasing real estate. But we need to clarify exactly what this bill is about and how this bill will really apply to foreign investors. Whatâs the Visit USA act bill proposing? Any foreigner (alien) who uses at least $500,000 in cash to purchase 1 or more residences in the United States, which each sold for more than 100 percent of the most recent appraised value of such residence, as determined by the property assessor in the city or county in which the residence is located; The alien must maintain ownership of residential property in the United States worth at least $500,000 during the entire period the alien remains in the United States as a nonimmigrant Must reside for more than 180 days per year in a residence in the United States that is worth at least $250,000; and The alien spouse and children of the alien must accompany or follow to join the alien. How to qualify: Any alien wishing to apply will need to meet the same requirements as every other visa. Those with criminal records, connections to drug cartels, suspected ties to terrorism organizations, or other problematic activities will not be able to take advantage of this legislation. This is neither an immigrant visa nor a work visa. The alien will not be granted any government benefits such as Medicare and Medicaid. They will not be eligible for Social Security; therefore they will not be able to work in the US, unless they qualify for a work visa separately from this visa. This visa will also not be a path to citizenship. The visa will last for 3 years at a time, and it can be renewed, provided the alien still own real property(s) for at least $500,000. Alien/buyer must purchase real property (e.g. condominium, single family home, townhouse) with cash only. They will not be able to purchase a home by taking out a mortgage. Advantages: Foreigners can take advantage of the low prices due to the current market conditions. The visa will allow the US alien/buyer to reside in the USA for at least 3 years at a time without need to leave the country after the allowed stay time (3,4, 6 months) given to aliens on tourist visas. Speeds up the visa filings of priority applicants. Tis This is not an immigrant visa/green card/residency.