ken88 Posted July 20, 2008 Report Share Posted July 20, 2008 Wife was telling me today that no homes are selling. Everyone believes the prices will fall after the Olympics so they are holding on to their cash. Her place supposedly went up from $70 to $100K US in value in just a year. Her brother will be in Beijing, sent there by his company, for 2 months to help and make sure the electricity stays on during the games. Most of my wifes family works for one electric supply company or another. I find this fascinating how much attention the govt is giving to ensure everything will run smoothly. Anyway brother is available to try to handle the sale of her house, if it happens. I still wonder about her plans for the cash once sold. So far her track record on investments is loosing everything. Thus I would like for her to get it tied up in a house over here or not sell the place at all. But she doesn't want renters to destroy her house. PS: It is so hard to resist posting something indecent in Rogies Kigdumb to get it moved to the TC. Yesterday, I heard 2 pieces of real estate news on CCTV9. 1. BJ: Prices dropped more than 10%. Sales volume dropped 46%. People shopping for houses dropped 30% I think the market is going to shed most of the previous "irrational exuberance", as we experienced here in AZ, FL, and NV. 2. Chengdu: After the earthquake, government is giving incentives to purchase homes in Chengdu. New construction taxes reduces by 30%. down payment reduced to only 20% (from 30%). Interest rate one and half percent lower than the national average. Mortgage term increased to 30 years (from 20 years). This sounds like a good deal. But we do not know when the next earthquake is going to hit this area. Ken88 Link to comment
IllinoisDave Posted July 20, 2008 Report Share Posted July 20, 2008 I am informed that house prices have seen their greatest plunge in... SHENZHEN... Some owners there have "walked away" from loans when values plummeted from the 10,000 RMB they had paid to 6,000... That isn't good news for us. My wife has an apartment in Shenzhen that she was hoping to sell eventually for a decent price. Link to comment
GZBILL Posted July 21, 2008 Report Share Posted July 21, 2008 I am informed that house prices have seen their greatest plunge in... SHENZHEN... Some owners there have "walked away" from loans when values plummeted from the 10,000 RMB they had paid to 6,000... http://www.atimes.com/atimes/China_Business/JG18Cb01.html Here's an article to back up my claim... Property prices in Shenzhen stanked right after the owner of the #1 real estate company absconded with a tractor trailer full of cash leaving the company in ruins. The was sort of the first alarm that things were not right in the property market and it hasn't improved any since then. Also, Shenzhen is a unique city in that probably over half the investment comes from Hong Kong sources. A lot of property was snatched up as investment properties by Hong Kongers looking to beat generally dismal Hong Kong interest rates. Now that even HKers are effected by the rule on expats owning no more than one residential property and steadily declining occupancy rates, that pony show is coming to and end, too. Funny thing ... this was all discussed on CFL a while ago and some people argued that the property market in Shenzhen was alive and well with future prospects being bright. Link to comment
rogerluli Posted July 21, 2008 Report Share Posted July 21, 2008 I am informed that house prices have seen their greatest plunge in... SHENZHEN... Some owners there have "walked away" from loans when values plummeted from the 10,000 RMB they had paid to 6,000... That isn't good news for us. My wife has an apartment in Shenzhen that she was hoping to sell eventually for a decent price. I think eventually is a good bet Dave...Is 39 years okay??? That's when the jig is up for Hong Kong and the 50 year deal China gave it... At that time will Hong Kong kind of be adsorbed in to China causing house prices in HK to tank from their atmospheric levels and prices in SZ to show healthy gains... More later...much much later... Link to comment
rogerluli Posted July 21, 2008 Report Share Posted July 21, 2008 I am informed that house prices have seen their greatest plunge in... SHENZHEN... Some owners there have "walked away" from loans when values plummeted from the 10,000 RMB they had paid to 6,000... http://www.atimes.com/atimes/China_Business/JG18Cb01.html Here's an article to back up my claim... Property prices in Shenzhen stanked right after the owner of the #1 real estate company absconded with a tractor trailer full of cash leaving the company in ruins. The was sort of the first alarm that things were not right in the property market and it hasn't improved any since then. Also, Shenzhen is a unique city in that probably over half the investment comes from Hong Kong sources. A lot of property was snatched up as investment properties by Hong Kongers looking to beat generally dismal Hong Kong interest rates. Now that even HKers are effected by the rule on expats owning no more than one residential property and steadily declining occupancy rates, that pony show is coming to and end, too. Funny thing ... this was all discussed on CFL a while ago and some people argued that the property market in Shenzhen was alive and well with future prospects being bright. I was first in SZ only on our last trip in 2006...I was amazed at the forest of 30 story apartment buildings that is SZ...I don't want to live there but it is adjoining some of the priciest real estate anywhere... Link to comment
IllinoisDave Posted July 21, 2008 Report Share Posted July 21, 2008 I am informed that house prices have seen their greatest plunge in... SHENZHEN... Some owners there have "walked away" from loans when values plummeted from the 10,000 RMB they had paid to 6,000... That isn't good news for us. My wife has an apartment in Shenzhen that she was hoping to sell eventually for a decent price. I think eventually is a good bet Dave...Is 39 years okay??? That's when the jig is up for Hong Kong and the 50 year deal China gave it... At that time will Hong Kong kind of be adsorbed in to China causing house prices in HK to tank from their atmospheric levels and prices in SZ to show healthy gains... More later...much much later... Thanks Rog. 39 years is just a weeeee bit far into our retirement. But, maybe our kids will ultimately benefit. Link to comment
SheLikesME? Posted July 21, 2008 Author Report Share Posted July 21, 2008 Well she called her brother to see if he started the ball rolling. Seems his 2 month stay, incase there are electrical problems in BZ for Olympics, is at an Army camp. He cannot leave he said, but wife wants him to do somehting on the weekend. He said he will. We go to the Houston consulate tomorow to get the power of attn for him. I don't care. I just don't. But I am doing all I can to help. And we are staying in a Holiday Inn express tonight Link to comment
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