China Ranks 1st in World Top 10 Hottest Real Estate Markets

Residential high-rises in China towering into the sky.

From NetEase:

Foreign media says China at the front of global property market growth

Compared with global 5-year housing prices, China has grown the fiercest, rising 110.9%, with Beijing and Shanghai the highest and Hong Kong second-highest

China is the hottest global real estate market

Foreign media recently ranked the top 10 hottest real estate markets in the world, with mainland China ranked first, with a 110.9% 5-year year increase in prices.

The report says that global property prices only rose 0.5% since last year, making many people forget this once highly speculated market. However, looking at the past 5-year growth data, the growth of housing prices remains “unable to be underestimated”, while the top ten hottest housing markets in the world have even more impressive growth.

Chinese graphic for Top 10 Global House Markets.

"Top 10 Hottest Real Estate Property Markets by 5 Year Growth Percentage (left to right): Mainland China, Hong Kong, Israel, Singapore, Colombia, Taiwan, Canada, Norway, Malaysia, and Switzerland."

● China’s “Two Shores and Three Territories” [refers to mainland China, Taiwan, and Hong Kong/Macau] make the hottest housing market list, mainland grows 110.9%

The ranking this time is for 5-year housing price increases, from the fourth quarter of 2006 to the fourth quarter of 2011. The report says these 5-year housing prices basically reflect the main housing price trends of various countries and regions.

Asia accounts for the majority of the top 10 hottest real estate markets, with the rise of mainland China housing prices at the top of the list. Furthermore, Hong Kong, Singapore, and Taipei, Taiwan all on the list.

The report says Singapore is the city with the most expensive real estate in South East Asia, having risen 50.5% over the past 5 years. The real estate prices for the most expensive areas rose to 25,600 USD per square meter (approximately 160,000 RMB).

Amongst this time’s rankings, mainland China occupied the top spots. The report says that along with China’s rapid rise to the world’s second largest economy, the housing prices of its major cities Beijing and Shanghai have sharply risen over 110% over the past 5 years. Amongst them, in the fourth quarter of 2011, housing prices in Shanghai’s prime areas reached 19,400 USD per square meter (approximately 120,000 RMB), with Beijing also reaching 17,400 USD per square meter (approximately 110,000 RMB).

Ranked second on the list was Hong Kong’s housing prices, which have rose 93.7% over the past 5 years, with asking prices of 47,500 USD per square meter (approximately 300,000 RMB) in prime locations.

● Expert interpretations

Fast increasing GDP has pushed up housing prices

Real estate commentator Niu Dao expressed in an interview with Legal Evening Newspaper that the rise of housing prices is related to the growth of the economy during the same period, that in developing countries and countries with fast-growing GDPs, housing prices will also grow fiercely. Niu Dao said that in fact the rise in housing prices is a result of rising per capita income and per capita purchasing power.

University of International Business and Economics International Investment Research Center Director Feng Pengcheng said that during fast GDP growth, the local population’s demand for housing also increases, ultimately pushing up housing prices.

With regards to our country’s real estate market, Niu Dao expressed that the past 10 years have also seen huge increases in China’s housing prices. Our country’s housing prices are currently in a declining trend, but the ultimate decline in housing prices will still take 5-8 years of adjustment.

A high-density residential high-rise, with an "entrance" sign in the foreground.

Comments from NetEase:

candtrae [网易加拿大网友]:

After reading this report, Brother’s [referring to self] felt a spontaneous sense of blessing and good fortune. 7 years ago, Brother resolved to leave a certain major Chinese city for a country with fresh air, beautiful environment, and where all prices like food, gasoline, car, and housing are all much cheaper.

郭嘉已沉睡 [网易广东省网友]:

The entire country’s people welcome the rise of housing prices! Only rising a little over 100%, just which city grew so little?

泪光玲珑 [网易加拿大网友]:

Every time after I finish reading news on NetEase, I encouraged myself to work hard to emigrate abroad and now I’ve succeeded. Thank you NetEase!

网易香港网友:

Hearty congratulations. Our motherland has again gotten first place.
Hearty congratulations. The happiness index has once again increased.

世界强国领导人金三代 [网易德国网友]:

Why is the foreign media so meddlesome!?
Must not interfere with internal affairs!

网易香港网友:

The ordinary common people everywhere express that housing prices are not high and are all affordable. If housing prices increase, they’d be even happier.

网易广东省网友:

Our country is a major economic power, so really, this little accomplishment doesn’t mean much.

网易北京市网友:

Can I use profanity?

网易香港网友:

Mother-in-law economy [the demand that a husband for one’s daughter own a house], rigid requirements [demands by women that suitors own a house], GDP growth, happiness index growth… All reasons for the rise in housing prices.

网易广东省广州市荔湾区网友:

Sofa.
Just thinking about housing makes me lose sleep…

Luxury real estate complex in Shanghai, at dusk.

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  • W

    Poopoo

    • terroir

      Your ancestors are so cheap that they bought a time machine just to go back in time to warn themselves to only buy it on at a sale.

  • Medical Advisor

    Sitting on my sofa on the rooftop of my apartment building.

    • terroir

      Your ancestors are so corrupt and oily that the urn in which their ashes lie in is a soap dish.

  • terroir

    Yes. There’s no reason why a market that sells a product you don’t actually own or control shouldn’t be the best in the world.

    Song of the article: (sorry Comrade K)
    “Pop goes the weasel”

    • Andao

      Do you think any of these buildings will still be standing after 70 years? Or 10?

      • TheBigWhite

        I’ve seen a new apartment complex succumb into a vile cockroach infested heap of garbage in no less than 5 years.

      • donscarletti

        I visited a block of apartments, I assumed they were built in the great leap forward because they looked terrible, elevator was jury rigged with bits made out of wood, lights in the stairwell didn’t work, paint was flaking off entire walls, everything stunk of rubbish. I asked when it was built, apparently 1999, yep, 13 years and already it looks like a slum. I’m used to seeing stuff built in the 70s that looks new, what the hell?

        • Yup, agreed.

          Live in Xiamen for a number of years, one of china’s original s.e.c’s and saw building less than five years old with grime dripping down them from the air pollution (island city on the coast, closest to Taiwan, supposedly good air).

          Moved into a new development for a year, first renter everon the floor beneath the penthoise qnd the plaster on the wall had cracks an bubbles already. Moved out cause of the constant noise from the new development going on right outside my window.

          Buying real estate in china is a complete joke. It’s just a vicious circle of speculation and inflation. Local governments take loans out through shell companies using corrupt connections, push farmers off the land with literal hired thugs, declare the land to be super valuable and sell it to their nephew’s wife’s friend with a maswive kickback. Then the developpers see that rich people have all th money so they only what to build luxury apqrtments (cause fuck the poor and middle class). Then they hike the prices up by either selling some cheap to more corrupt connections to drum up fake sales or they promise evrrything than leave the new owner with a grenade and no pin as a nice housewarming gift.

          It’s epidemic, the entirety of the chinese real estate market is based on this. Looking further than this, a large chunk of the much flaunted 2nd largest GDP is based on these inflated numbers, not to mention the massive influence of ow.ing property in chinese culture. This is one of the reasons that the currsnt model in china cannot and will not be able to sustain itself. It will collapse. Corruption, unreachable ownership, wealth gap, inflation and general inequality is already quaking the roots of the chinese people.

          Tick tock.

          Also, “Pop Goes The Weasel” is an inspired choice Terroir.

          • Alan

            Xiamen is a nice city. Can’t you be happy anywhere, without misery and complaining?

            I bet your landlord in Hong Kong hates you also.

            Just when are you and your wife moving to Canada,or can’t you afford to buy property there? Just curious why you bash China so much when you clearly can’t stand the place, so why live so near it?

            Seek professional help and go home, it’s the only forward for you it seems.

            Nothing personal intended either, and no, not a dig at your wife.

          • Boris

            Come on Alan, his point’s perfectly reasonable. Just the thought of buying property in China fills me with terror. ‘Buying real estate in China is…a vicious circle of speculation and inflation.’ He’s summed it up pretty accurately.

          • Rick in China

            Meanwhile others buy/sell property and make a killing. Most of the people who are “filled with terror” regarding Chinese property either 1) don’t understand it any further than a few articles on a few sites by people who have a few bits of information on the subject or, 2) don’t have the money to invest in it anyways and have subconscious jealousy for local people from a ‘developing nation’ who seem to have so much more money than you do, making it clear how badly you’ve failed in life.

          • Boris

            or 3) Aren’t looking to make a killing in the first place, and want to have a safe, relatively hassle-free place to live comfortably with their families, knowing that their money was wisely spent.

          • southernortherner

            i think your too blinded by chipping paint to see the fact that china actually with all its problems isnt on the cusp of complete chaos and economic ruin as some other countries might be.

            I bought an apartment in my wifes name…

            2 years and its more than doubled, im selling it now.

            i actually think that there are things that they care more about than just the look of the place but location in relation to schools, work and public transpo that makes them buy ridiculously priced places.

            plus you sound like the type of person who would be shocked if he knew how much money his translator had in her bank account.

            foreigners are always looking at china through there own glasses.

          • RickyJinzhou

            I’d have to agree, I’m living in a brand new complex in Liaoning (some of the buildings aren’t even finished) and already we’ve had flooring replaced, plaster falling off the walls, doors don’t fit their frames.

            I was told by someone though that that’s common and quite often the buildings aren’t expected to last that long.

            The punchline is there are still people moving in around our apartment all the time.

          • I’m not saying that it’s impossible to make a lot of moneh off real estate in china. It’s just that most of it made by a select few which pushes up the speculation causing property in general to be inflated no matter if the occupant is interested or not.

            I came close to buying an apartment in Xiamen that was about 70sqm and very comfortable with nice design, but I wasn’t comfortable with how much of a crap shoot it was. I could hqve flipped it after a few years, but that wasn’t my original intent.

            Another thing that people forget is that real estate market isn’t some shark pool where only the saavy and well-insulated should swim, it’s a whirlpool with a vicious undertow that sucks everyone in whether they want to swim or not.

            Look at all the land grabs, do the farmers want to move? No. So why are they pushed away en masse? Simple, the land under their feet is far more valuable to the local government/shell company due to the inflation and specualtion that’s currently driving the market.

            Then you widen your view to everyday life where a middle class or even almost upper class person can’t afford a family sized apartment in the city where he/she lives/was born/has a hukuo (ridiculous system only worthy of sneers and contempt, hukuo…) Why? Because they don’t work hard? No, same reason as those farmers above, albeit in a more indirect fashion. They’re affected by speculation and inflation that drives the market, making real estate far above their pay grade and thing for only the rich to play with. That even includes the low-income housing that was meant for NON-RICH people and rich people were still caught gaming the system and pushing prices up.

            There’s a lot of nonsense about china still being a developping country and deserving of special exemptions and benefits, but it’s not really true. It’s more about misplaced priorities coupled with awful policies all for the sake of power and gross national GDP on paper (theoretically, don’t mind the man behind the curtain).

            Bubbles pop, illusions falter, power-hungry over-reach, corrupt crumble, etc.etc.etc.

          • Rick in China

            Elijah, RE: “They’re affected by speculation and inflation that drives the market, making real estate far above their pay grade and thing for only the rich to play with. That even includes the low-income housing that was meant for NON-RICH people and rich people were still caught gaming the system and pushing prices up.”

            No shit. This exists in EVERY COUNTRY. You think average mcburger flipper is thinking “Hmm..wonder which apartment I want to buy today”? Even WITH a 30 year mortgage? Hell no. Middle class people in the most ‘safe’ places, like Canada, can afford a place if they save like a m’fer….by their mid-30s. You’re going on about how China will not be able to sustain itself..like, say, Greece? How about USA with their economic ruin? Richer people will always have advantages, so either find a way to get rich yourself or join the masses who need to actually pay attention to gas price – because they can barely afford to fill up their busted ass chevette.

          • Alan

            2) don’t have the money to invest in it anyways and have subconscious jealousy for local people from a ‘developing nation’ who seem to have so much more money than you do, making it clear how badly you’ve failed in life.

            @ RIC: I like your posts, but that is utter rot. An FT at a training centre can earn far more than most Chinese, although perhaps not in Shanghai or HK, and still live relatively well, although perhaps not own property.

            As most foreigners aren’t in China for life, why should they feel jealousy at those who own an apartment in a country they don’t even plan to put down roots in? Makes no goddamned sense?!

            I’d be interested to know your job/business as you always use the 1 percent clique line, others failed in life, seem to equate success with money (which I don’t agree with, lots of people got money, failed to manage it and totally fucked up!).

            Anyways…only my two mao…

            Regards
            Alan

          • Rick in China

            @Alan

            Don’t get me wrong, some of my replies are purely intended to light fires. I don’t equate success directly with money. It is, in my mind, part of it – but only to the extent that you have enough to live the lifestyle you personally want to live. If you want for nothing – that is success. Money, relationships/family, wake up and enjoy going to work, freedom to do what you want to do without constraints (like money)..these are all factors.

            I don’t have anything against, in fact I admire, those who have less money but are really happy. Those are not the people who bitch and cry about people who have money or advantage in life, or point at government failing the majority or generally complain about everything they don’t like in public. Those people are failures – are jealous – and haven’t found *their* happiness or success..otherwise they wouldn’t be oh-so-concerned with these things. If you want an apartment but can’t afford it – find a way to get there, don’t bitch about people who did.

            I know some teachers can live a comfortable life in China. They also frequently save far less than the locals who earn far less – probably enjoy their lifestyle more…that’s fine. I [may have said] something along the lines of teaching = failure, but that’s not how I really feel in the basic sense – I have some close friends who teach. I have nothing against it. If you’re not a real teacher (ie educated in such or experienced in such but arrived and can speak English so find it as an easy way through day to day living here) but are *stuck* unable to do anything else, and complain about teaching…. which is a very common situation for lots of long-term teachers here, then I would say yes..that’s a failure. If you really like it and like the lifestyle it affords, great – success. Which of those two people bitch and complain about economic situations that they’ve got no relation or ability to take part in? I’d say the former.

            Regarding your other question…I work in a sr. position for a software development company, one I am proud to work for. I’m not going to advertise details in this kind of forum, just suffice it to say I’m paid enough to have a healthy lifestyle in say, San Fran, and have made wise investments throughout all of my adult life.

          • Rick, please don’t put words in my mouth, it muddles a perfectly good argument. I didn’t say the the rich in other countries don’t get away with more than poor people or they didn’t have more advantages. This is obvious of an capitalist economy.

            The differrence comes with governmemt policies aimed at providing a social safety net as well as regulations with oversight and accountability for the advantaged institutions/people. These are all things that china lacks… As I mentioned already directly and indirectly… Twice.

            As for the Ayn Rand “pull yourself up by your own bootstraps” ideology, it’s actually quite an apt saying. Have you ever try to pull yourself up from lying down by your own bootstraps? It’s almost physocally impossible. If however you have people to help you up or you’re already on an elevated plane, it because downright easy. See the similarities with cronyism and nepotism?

            PS. Someone in Canada with an average salaryis able to afford a house just fine if they save up or they have a.mortgage. In fact real estate in Canada is bare bones cheap compared to china while disposable income.and per capita GDP is many times that of the average chinese person. Also, you won’t have to worryso much about shoddy workmanship, wild speculation, rapid detoriation, losing it after 70 years or being forced out by the government/developpers.

            Food for thought.

          • Chad

            Elijah: “Someone in Canada with an average salaryis able to afford a house just fine if they save up or they have a.mortgage.* In fact real estate in Canada is bare bones cheap compared to china* while disposable income.and per capita GDP is many times that of the average chinese person.”

            LOL. Is this guy on crack? Maybe in the far off rural areas or somewhere near Windsor, but if you want to live in the big cities in Canada, no you can’t afford a house just fine with an “average” salary. Making blanket statements like that just make you look desperate and silly. Not everywhere in Canada is cheap to live in. Housing prices in general have skyrocketed in the past decade especially in Vancouver and Toronto, and some speculate its due to foreign investors buying up dozens of units at a time. There’s articles on it and the impending bubble every month. Do you even live in Canada??

          • Rick in China

            @Chad

            Agreed. Thinking the same. My family is in Victoria – brother just bought a house. I think it was around $700k?

            Read: http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil21a-eng.htm

            75k after tax – average – for an “economic family” in Canada. That’s family income, both parents working. That average is also a little deceptive, as it’s the Mean, not the Median. The median would be a little lower – this value would be slightly offset due to some very-high-income individuals.

            Living expenses are relatively high in Canada. The average above includes those who are well into their career, as well as those who just started – ‘just started’ are obviously earning much less. Looking at the curves and data involved, you can quickly see it’s not so easy to just go pick up a house – without parent’s support…unless as Chad said, you live in the bushes.

          • @ chad and rick

            Please check statistics on average house prices in Canada rather than the two most expensive cities ie: Hong-Kong-couver and chinatown-Toronto where it’s quite obvious that the real estate market is being influenced by foreign buyers.

            I would prefer a house in Ottawa anyways, beautiful architecture, not crowded and festivals at all times of the year. Also, my hometown, sooooo…

          • Rick in China

            Ottawa housing prices average right now is ~$380k, which is on par with the national average across both good/bad places to live.
            http://www.canadaimmigrants.com/Ottawahousingmarket.asp

            Ottawa average FAMILY income is about 86k, although that’s a couple years old just before the financial market meltdown,
            http://www.canadaimmigrants.com/Ottawaliving.asp

            Of that, an average of 53k (including income tax) is spent purely on cost of living. That excludes all the extra fees and expenditures everyone makes, like going out, buying clothes, gifts and personal accessories, decoration and furniture, appliances, whatever, all the shit everyone buys. That would eat up a large amount of the 30k the median family has to spend each year. That’s median family – not young family. Lets say they can manage to save 10k a year.

            $380k, lets say you only want to put down 10% and do a *25 year* mortgage. You’d need to save pretty rigorously for 4 years for the down payment, then your average monthly would be about $1800/month. That increases your annual ‘shelter’ cost by around $6k/year. Your savings dwindles. Since you own the house, your operation cost increases – property taxes, repairs and upkeep.. all of a sudden in order to just *make* your monthly mortgage payments, you have literally no disposable income.

            That’s a median level salary for a *family* on an average Ottawa home. Strapped in the mortgage-for-25-year-cycle of penny pinching to make ends meet. What happens if one of you loses your job? You’ve got no savings to roll back on. Enjoy those 25 years mate.

          • Chad

            Not sure why the reason behind the high housing prices in big Canadian cities matters whether it’s foreign investors or domestic ones. The fact is that they are high and not affordable any longer. As I said, if your argument is that housing prices are lower in dinky places with no entertainment aside from bowling and a tiny movie theatre, and no jobs other than retail, then sure housing is cheap. I’m sure you can buy some cheap houses in middle-of-nowhere, China too.

            RoC: Not sure about the financial market meltdown affecting Ottawa that much. I’m sure all the public sector cuts are killing them though.

        • Alan

          @RIC: What you say makes a lot of sense, older, richer teachers with investments/property back home are normally the happier and more relaxed ones here. I have met plenty of petty fellow brits who try to compete with and outdo or even rat on each other, and boast about who saves the most out of their 6,000 rmb a month public teaching salary which is pathetic.

          Regarding your other question…I work in a sr. position for a software development company, one I am proud to work for.

          That’s good, nothing wrong with software development. The geek shall inherit the earth.

          • Rick in China

            Geek in some regards most definitely, not in others, ala:

            I’m actually not working ‘officially’ at the moment, while I’m on bail – charged with criminal assault. The guy works as security for a bank, hit me with his shitty car and drove off, I chased ’em down and ‘supposedly’ broke his nose in a few places. Security my ass, eh, can’t even protect his own nose. Court finally next week.

  • 404namenotfound

    Why o why can’t i get on teh fucking sofa? :'(

    • JAYJAY

      You need a property first.

    • Made In World

      I’m replying to Rick In China. Spot ON!

  • Josh

    Yes, rich people buying up entire building and average people not being able to afford them. A profitable market, but all bubbles burst eventually.

  • Dconn

    Many of these buildings that i see, sit empty

  • Brett Hunan

    A lot of the businessmen I know are paying all this money for a shell. They then have to add their own interior walls and plumbing. Others are paying out the ass for apartments and completely remideling. I met a guy who tore all the outer walls open to have 2 windows instead of one. Only floor in the entire complex that has 2 windows.

    • coala banana

      sounds like my neighbor:-)

      he also removed static walls within his apartment, now some of us have cracks in the walls of our living rooms….:-(

    • dace

      Eh, 95% of new places sold here are a shell – which is why you should never be the first to move into a new block (or complex), cos you then have to put up with the banging and sawing at all hours as the neighbors fit-out their places for the next 5 years.

      • southernortherner

        i dont mind the noise…ive been here so long that noise is just another dish on my lazy susan of wonders..

  • typingfromwork

    Fuck the bubble man, honest folks can’t even buy a window for a toilet without selling their first born.

    You forgot a fifth option in your poll- will forever mooch off parents and live in the same room as where I did my high school homework by the time I’m 40 (and beyond).

    • lonetrey

      I sympathize with you, and probably will take this same option as well. Sure, we won’t have the best image, but at least we won’t be financially taken advantage of, nor will we be broke after a housing bubble bursts.

  • moop

    and 63 million of these houses are empty

    • Alan

      Agreed.

      There are houses in my current town selling for 2 million rmb, all empty.

      Bubble is going to burst eventually, no doubt.

  • Too bad the quality of construction and furnishing in China is SHIT.

    • TheBigWhite

      The construction is beyond shit! In developed countries (at least in my gloriously white country) municipals would give these constructions away for free – if they could – but they can not – because these constructions do not meet the bare minimum requirements that all living quarters must fulfill. Thus they’d be bulldozed into smithereens on day one.

      I’m impressed by their furnishing though, especially the rather cheap price of very well crafted jichimu furniture, no nails or glue, every piece solid as a tank. My favourite though, but on the expensive side, is zitan furniture, which I own a couple of pieces of (various chairs and tables), it’s hard to get by but always very well made, something to keep for the grandchildren.

      • Little Wolf

        It’s beyond, beyond shit. It’s shit x 100

        • terroir

          It’s way further than that: way, way beyond the shit horizon. It’s a veritable shithole of myriad flashing colors and “whooshing” sounds that lasts longer than the drug trip seen in the last act of “2001”.

      • Made In World

        I gotta agree with you on this. I went to a friend of a friend’s ex-wife’s public housing in the US, and it was miles better than some of these expensive places they have here.

        I heard a story that was kinda weird/funny. Remember in Shanghai (where I’m residing now) the building that burned down a year ago because of the insulation. They’re not blaming the workers, they’re saying insulation is evil… That’s what I heard from Chinese colleagues.

        Insulation is evil, not the job done… man I’m changing my tune… thanks all the guys that attacked Jeff!

  • Jeff

    I live in a tenement with the lowest class of people I ever met. They are dirty and don’t give a shit about anyone else. There’s these little garbage huts all over and the Chinese are just too lazy to actually open the door and put the garbage in the hut, instead they just throw it in front or in the street.

    THE CHINESE ARE TOTAL PIGS THAT DESERVE NOTHING.

    • TheBigWhite

      Second this. While you probably have your reasons to stay (white flight?), the chinese do not deserve to have you either.

      • Made In World

        I’ll disagree with that. Although those Chinese that you speak of are in large quantity and easy to spot, there are still many that don’t do that. I remember being at a bus terminal a few years ago and taking my trash to the bin and a mother telling her son, “you see? Everyone in the world uses the rubbish bin.”

        Trust me, I’m the first to go off on a Chinese that doesn’t use the bin, but it’s not all of them… that’s for sure…

    • Hello Jeff, it is unfair to say that the Chinese are pigs. There are neat and dirty people everywhere around the globe.

      • Bruce Tutty

        And pigs are clean and tidy if you give them the space

    • choloboy

      hey jeff,why don’t you move back whatever fuck you are moving from, the chinese don’t give a fuck about you

      • Made In World

        Y’know what. I’m almost ready to take back my comment. The worst f*&*ing comment that I hate is “if you don’t like it, go home!” Jeff is making an observation, and it’s not a difficult observation. Yes, there are some VERY ignorant Chinese, and percentage wise, there’s more than we have in our home countries. What pisses me off is we come to China and try to respect the country, and when we see their own people not respecting their own country and we say something about that, you tell us to go home.

        My great grandfather (who was alive for many of my years) was Chinese, and there is no way the country he described to me as a child is this. It’s corrupt all over, it is dirty, and the people don’t care.

        You guys really upset me yelling at Jeff, cuz it’s such a third world way of behaving.

    • jin

      and i guess you must be a HIGH class right? if you live with those low class people, and even in modern countries, there are still plenty of people that throws trash on the street, are they low class???
      THE LOSER CALLED JEFF IS A TOTAL PIG AND DESERVE NOTHING.

      • Made In World

        World Peace at it’s best. Now I understand the Philippines.

    • My Name is Lee

      One moron called Jeff doesn’t mean that all Jeffs are morons.

      • Made In World

        Jeff is not a moron. It is not a far stretch for someone that comes from a country that respects their country first and foremost, to come to a country that respects money before the safety and cleanliness of said country, to be a little upset and make “pig” observations. Trust me, even with me being slightly Chinese, I’ve called the average person a pig before…

        The Chinese seem to not be thinking about what’s best for their country. Instead of telling people to go home, why don’t you tell the next guy you see taking a block away from a toilet to go use the toilet, or a guy who throws his rubbish next to a rubbish bin, to actually hit the rubbish bin.

        The persecution of Jeff is very similar to activists in China.

        • Chad

          He is a moron.

        • Chad

          Last I checked, “THE CHINESE ARE TOTAL PIGS THAT DESERVE NOTHING.” is not an observation, and no he shouldn’t be compared to an activist.

        • mr. wiener

          “The persecution of Jeff is very similar to activists”……Um…..maybe not.
          “Free Jeff!” , “Why can’t we all just Jeff along” , “Jeff to the Tyrants”, “give me liberty or give me Jeff!” just doesn’t have the right ring to it.

    • quill

      dont be so angry i know your government in the west has been robing your life saving and hard earned money. i bet you are living in low class apartment with 3 other gays now.
      be nice to the chinese as they might come to build cheap apartment for people like you

      • Made In World

        All you guys can do is just attack, not fix.

      • Alan

        Rubbish!

        You see if the USA/Eurozone fails, China fails.

        What has been given, can be taken away, don’t think of these things too lightly. Look at mexico, as an example. You teach a man to fish, he can eat for a lifetime,,,,problem is, China is not fishing.

        Take away the FDI, and add in the fact that more manufacturing is moving to Vietnam, and what’s left? May I add in the millions of men who will never get married into the mix also….

        It rains, and you are going to get wet, pal!

    • Made In World

      That last line was extreme, I’m gonna say. That’s why you got attacked so much. But I completely understand how you feel. You just can’t believe that a society can run this way. I know. You got pushed around on the subway, you saw a pregnant woman that no one helped give a seat, you saw someone taking a crap on the side of the road, and you heard about 50 people talk about money. I understand… but just understand, this is England 200 years ago, Japan 100 years ago… it will get better, they just don’t understand what it means to be people in a developed country…

  • Getrealson

    Pay all that money to live like a caged animal! Top dollar to find garbage and the contents of peoples nose on the floor of the foyer and lifts where some idiot is smoking. And after 2 years the structural walls of your overpriced shoebox has massive cracks. Rats and pigeons may envy this lifestyle but I don’t.

    • coala banana

      very much agree with what you said. I live in a nice penthouse style apartment, but even here the shit is falling apart.

      I think that everything is worth as much as a sucker is willing to pay for it. Fact is that there are hundreds of thousands chinese which are willing to pay any price, cause they earned their money quite easy (example corrupted gov officials). Even they have restricted it to 2 houses per person, its quite easy to bypass this law, by simply letting relatives buy under their name. In addition chinese are NOT very knowledgable when it comes to buying property, cause they never go into detail and can’t discover low quality decoration and parts. As long as something shines they are cool with it and think it must be worth something.

      I wouldn’t recommend anyone to buy property in china, if you are not into some long term business here. The housing market will definitely crash sooner or later. I personally know developers from HK and mainland china which went already bankrupt. Its scary to see how many apartment houses are empty…….people stopped buying !

    • jin

      then you dont know how to buy a house…. from where i came from, the house i bought 6 years ago is still the same and clean, no crack, nothing….. so i guess you bought it at the wrong place and the wrong house. oh and my family bought houses too, but there are no crack and no nothing either. i think you got scammed

      • Wu

        I don’t know jin. I have lived in 4 different cities here in China ( mostly in Jaingsu, Beijing and Shanghai ) and I have shopped around each time for a new place. I have not seen anything that was “good”, just places that are “good enough”. It is really hard to find a well-made building/room without some damage or errors.

        Main problems is the guy who had the plae built isnt on the hook for poor work. The workers are mostly migrant worker who never have to worry about get caught doing bad work and there isnt any saftey inspector checking any of the work…

        The only guy checking is the buyer/renter. I am not an expert on this kind of thing, so I have no idea how to spot poor work untill it is to late and the cracks start showing up…

        • jin

          yeah you got scammed…. perhaps you should get a chinese friend who knows about stuff like this, so that he can help you >.<

          • Made In World

            Because it’s SO EASY to get scammed in China.

      • Made In World

        I rent. But I rented a new apartment and half my bathroom exploded after a month. I guess I was unlucky.

  • Made In World

    The housing industry in China is the one thing I really really really don’t get. It’s more expensive than developed countries, they own no property, and they have to give it back in 70 years. This confuses me to no end. How can this exist? Been here 9 years and still very ignorant about this.

    • donscarletti

      Well, the time limit means little, the glorious people’s republic has been around for 62 years now, in 8 years, the first property that was previously earned by the workers, through their honest toil will be seized from the landlords who now own it and sold back to the people.

      This is a good indication of how damn long 70 years is, if you are 25 now and thinking of buying a house, you’re statistically likely to be dead for over a decade when your lease runs out. I’d say it affects prices fairly little.

      Also, sure, China’s population density is not particularly high as a country, but apart from the best 10 or so cities, China’s pretty third world, meaning everyone still wants to live in a tiny area.

      Finally, Chinese see something that makes money and they do it too. Price doubles in 5 years, more people will buy it. It’s not worth anything because rental price is so low, but people are “making money” so it’s fine.

  • Boku

    are you serious?
    i was in China just last month
    there were half ass job constructions everywhere i went
    when i meant half ass job, i meant there was workers or machine on site
    China looks like is still preparing for housing bubble

  • Bruce Tutty

    So by hottest it means ‘most speculative’?…are we going to get the chance to watch another real estate bubble forming and bursting?

  • Jess

    So the developer only gets the land for 70 years, then has to hand it back to the government? Or is it the purchaser of an apartment?

    • i welcome all Huaren to buy up all the excess real estate in China. i reccomend arabs and jews do the same. you never know if the mid-east is still habitable a few years from now.

    • Appalled@everything

      Not sure about the developer, but the homeowner never really “owned” the land, in any sense of ownership that we understand anyway, considering that yes, they must repurchase their own property again after 70 years. If the Aus government tried this shit on, the people would burn parliament house down and say “enjoy your rubble, we will come back in 70 years and burn that shit down again, motherfuckers.” Seriously, Chinese people get fucked and fucked and fucked again by their society and their leaders, this shit is beyond bad.

      • Rick in China

        “yes, they must repurchase their own property again after 70 years”

        Usufruct property rights exist in socialist/communist states. Saying “must repurchase” in 70 years is ridiculous and presumptive – you don’t know how it will go down. Nobody will. For now, and for the decades left before this original ‘land-use right’ expires, it means nothing..EVERYTHING could change, or the way the government deals with it could change, before or when that time comes – if you think the government would try to make everyone who owns property “repurchase it” from the government I’d say you’re clueless, if you think 1.x billion people would say “ok, here’s an insane property value, thanks” .. I’ve nothing more to say on that.

        As for investment or living, many of the richest people here made their millions on property. Regardless of what happens in those future decades, millions more will cash in big on property and laugh at people who avoid investing because of something that will in all feasibility never come to pass.

        • Alan

          if you think the government would try to make everyone who owns property “repurchase it” from the government I’d say you’re clueless

          Are you a real estate investor? You seem to know a lot about this.

          Either way, there are many empty houses. Any actual verification on this law? Because I certainly wouldn’t risk this 70 year nonsense!!

          • Rick in China

            By “real estate investor” if you mean own property in China – yes. I don’t get what you mean by “risk”, look at the numbers in this post, 110% increase in 5 years? Who buys property and expects to reap the rewards in 80 years exactly?

            The current law is still being changed, routinely. The last big property law change was in 2007, covering private/corporate/state fixed assets etc. China is still undergoing civil law reforms, but the actual property belongs to the country – this is in line with a socialist/communist system. Google “usufruct” to understand a little more about how land-use rights in a socialist/communist system works. Lots of countries have had usufruct systems similar to China where the government owns the property and people simply changed the usufruct titles when they buy/sell – you have the right to buy and sell as you like. The government can re-appropriate the land for some other use – sure – but they pay you higher than market value. This can happen in many places for various reasons, and China is by no means unique…most people who bitch about the “70 years lease” are the ones who couldn’t afford the properties if they wanted to and don’t have the sense to understand anything about it so just pass on whatever tiny bits and pieces of drivel has come their way.

          • Alan

            I don’t get what you mean by “risk”, look at the numbers in this post, 110% increase in 5 years? Who buys property and expects to reap the rewards in 80 years exactly?

            Not what I meant man. Risk as in the government could change, coup, revolution, call it what you will. Let’s say for arguments sake the PLA sweep to power, and pass a decree that all foreign owned property has to be returned to the motherland and foreigners can’t own apartments…then what? Ok, a very big what if scenario, but can it be ruled out?

            most people who bitch about the “70 years lease” are the ones who couldn’t afford the properties if they wanted to and don’t have the sense to understand anything about it so just pass on whatever tiny bits and pieces of drivel has come their way.

            The rest of your post was very coherent and informative, except for this snide stab at people who are renting at the end. Your being part of the 1 percent jetset elite again perogative , n’est pas?

            Nonetheless, the rule still stands, you can’t dispute that fact. Nothing personal either.

            Yours Respectfully,
            Alan

          • Rick in China

            Just riling people up. I have poor and rich friends. I’ve had poor and rich girlfriends. I don’t really give a shit – but I do dislike people who are poor and complain about richer people or feel some sense of entitlement in a system they’ve failed to game when the rules are obviously laid out from childhood.

        • Appalled@everything

          Hey, you know, I’m not Chinese, but EVERY SINGLE CHINESE PERSON I HAVE SPOKEN TO ABOUT THIS TOPIC CONTRADICTS YOU. just saying.
          Clueless? Call me anything you want. But it sounds like you are really nervous and hoping that things WILL somehow change before your 70 years are up. Good luck with that.

          • Rick in China

            How exactly am I being contradicted? Can you cite some FACT instead of, like I said about, tiny bits and pieces of drivel that has come your way? You obviously don’t know shit about this, and I am *obviously* not concerned about “when my 70 years are up” – I suggest you calm the caps, son, as they say – 2 nickels in a piggy bank makes a lot more noise than a full one.

            How about you do some research on China property law, the changes, and the expected direction that the 2007 framework sets – it’s moving towards freehold / fee simple – which is basically what Great Britain uses. Sure, the crown officially “owns” the land – but people freely trade and own its use.

          • Appalled@everything

            If I may, ‘Rick who needs to remind people where he is’, you were all up in my face because I simply responded to Jess with what is the normal common consensus on the topic she/he was raising. I never said I know for sure what will pan out after time goes on, though apparently you can predict the future, but OK, congrats on your superpowers, but yeah anyway, as for contradictions, speak to normal Chinese people (you are in China right? oh yeah, I forgot) and they ARE concerned about their property NEEDING TO BE REPURCHASED AFTER 70 YEARS. ‘Got it? great! Now chill the fuck out and stop prancing about with your China property law manual, OK friendo? Cheers

          • Rick in China

            “they ARE concerned about their property NEEDING TO BE REPURCHASED AFTER 70 YEARS. ”
            I have never met anyone who purchases property who has this concern. Everyone I know here is looking at ways to increase their property holdings. I don’t know or give a shit where you are, but you’re wrong, your information is wrong, and you’re talking about a subject you admittedly don’t know shit about based on nothing more than something you think you observed through likely very minimal interaction on the topic. Done.

          • Appalled@everything

            Yeah, well, yo’ mama. Done.

        • JeffG.

          I always get that response from Chinese when I ask them about the law. Really? The law says they can take it back, but you think that the wonderful, kind heart of the ChiComm .gov will just let it slide? That somehow, they will give up all of those billions in potential revenue, even though the law says quite clearly something else?

          The “there would be a revolt” argument always cracks me up. Like the <5% of the population that actually own these over-priced POS apartments could really stir the rest of the population up because of their imagined injustice. Like the .gov could not simply enact a buyback policy that targets the most expensive properties, and the deepest pockets. As if the connected people in this society could not avoid getting hurt by said buyback policy.

          The average life expectancy of a building here is 30 years. Long term, what happens when you want to sell? Say in 15 years? What happens when you want to sell in 30 years even if the building is still standing and you have 20 years or so left on the developers lease? The buyer looks at your property, looks at a new property – new lease – new building…. what happens to your property value on the old apartment? It just keeps going up forever? Really?

          But you mention this to ANY Chinese person and they look at you like a cow staring at a passing train. Most common response is "I will sell much sooner than that and get my profit". LOL… the first hint that values will decline in any long term way and the door is going to get insanely crowded.

          • Rick in China

            “The law says they can take it back”
            The government pays people when they take property back. Sometimes people don’t want to leave, especially farm houses where they make their money off selling crops or whatever, but the government pays and provides housing for people they reclaim land from – at higher than market value. This is truth, not a guess. The government law is changing, like I said above, 2007 had a major property reform law introduced. It is moving towards UK style freehold ownership. This is fact. Do I expect most of the peasants you interact with to fully understand or read about any of the above? No. They probably still have Mao pictures up in their bedrooms.

            “Like the <5% of the population that actually own these over-priced" and "Like the .gov could not simply enact a buyback policy that targets the most expensive properties, and the deepest pockets"
            Ok smart guy.. you really think the "<5%", clearly a factual number based on real metric data, which you obviously researched, are OBVIOUSLY the poor and impoverished……. wait! Oh. My bad. The people who set the policies likely own most of the places and 'have the deepest pockets'. That's right. Policy makers and their families have the most to lose by "reclaiming" property values. You think this corrupt nation will go that route? Of course not. So, yes, the rich – people who can afford property – people richer than yer busted crybaby ass – end up getting richer….

            "What happens when you want to sell in 30 years"
            Um.. the old shitty areas which are being targeted for redevelopment are by far the highest profit. You clearly don't know shit about urban planning and profiteering from redevelopment zones. Developers don't buy NEW property, you fucking moron, they buy OLD property and DEVELOP it.

            "LOL… the first hint that values will decline"
            As long as salaries go up and higher value industry increases – moving away from just manufacturing, prices on property will rise, and the number of people who can purchase property increases not decreases. Salaries are still going up. I know because I set and negotiate salaries. You, well, you probably teach English by the hour so I wouldn't expect you to understand much about that.

          • Alan

            You, well, you probably teach English by the hour so I wouldn’t expect you to understand much about that.

            How do you know he does? Or just speculation (pardon the pun!)

            Congratulations, you have just insulted all corporate teachers, public school teachers and those just here for 6 months/9 months or on a gap year before they go home.

            Regardless, English teaching is a lot better for many folks, than unemployment in say southern italy.

            You do well? Fair play to you. But don’t deride others for trying to get by, even trying but maybe not reaching your 1 percent. Not everyone was born with a silver spoon you know…come down a bit….

            Again, not personal….
            Regards
            Alan

      • jin

        im chinese and even i dont know how this shit works, i mean my grandma got her land/house more than 70 years ago too. and she still own it :S so maybe its like that in bigger cities like shanghai and beijing.

        • Rick in China

          The current 70 year land-use law only came into effect in the 1970s, so yer gran has nothing to worry about for a while :D

          • jin

            and how about people that build their own houses? my uncles/aunts all builded 4-5 floor houses for themselves, how does this work? xD

          • Rick in China

            Means nothing. The land is owned by the government, the use of the land is titled to people via land-use titles, and they can use that land / build on that land as long as it’s within zoning restriction and approved by the government – some people try to build shit on land not zoned appropriately for what they’re building and get local gov’t up their asses about it – can find lots of cases about this where locals get their ‘building projects’ smashed down. My girlfriend’s grandparents live in a 4 floor place in LuZhou in the city area which is likely going to be very valuable – because they own the land-use title to the *entire* chunk of land it resides on — apartments are different, you are reimbursed based on the apartment value, not the actual land value, because you’re titled the apartment not the land it resides on. Farms work like that – titled the land-use not the structures on it, those are yours..but most farm land is extremely cheap. One of my ex’s old farm property outside of a city was worth like 40k RMB. I wanted to buy a couple plots together when they were ‘available’ for much higher than market, then build a little castle…as ridiculous as that sounds, just for shits and giggles – but found out local gov’t would slap it down.

          • discoqueer

            shouldn’t you be doing more work at the high-paying tech job you love so you can continue to piss on the poor while defending your elitist sense of entitlement with flaccid claims of “I d0n’t h8te p00r pe0pl3 but uu prolly urn 6000 kuai a munth so yer dumm lol” instead of acting a fool on Chinasmack?

            Love and kisses,
            A dumb homo who earns 7000/month as a Chinese-English translator (am I wealthy enough that my opinons matter to you? I sure hope so).

          • Rick in China

            @discoqueer

            No.

      • Little Wolf

        It’s beyond, beyond bad. It’s bad X infinity.

        • Appalled@everything

          Damn straight it is.

  • Fu ZhiGao

    Cities are able to pay for their services from the prices at which they sell land to developers. Sales tax, property tax, and merchant taxes don’t exist in most places. There are some property taxes in Shanghai and Chonqing, and laughably low merchant taxes, but it’s certainly not enough to keep the city government running. (This is my theory why NanHui district and LuWan districts have been merged with other districts in Shanghai in the past few years.) Thus, if developers can’t find people to buy their poorly made houses, they should, in theory, lose money, which would hurt the local governments and force them to raise taxes as they would be need revenue to cover their expenses.

    With an increase in taxes (or at least better enforcement) a lot of small businesses that operate on a tiny profit would either go under or be forced to raise prices, which would then start a horrible cycle of inflation. Labor prices would go up, which is already happening in a lot of industries in and near Shanghai anyways, as people realized that costs of living here are significantly higher than elsewhere and either demand higher wages or move back home.

    Added labor costs would get passed on to the consumer, thus further increasing prices and lowering China’s competitive advantage. The government would have to start burning through its currency reserves to keep the RMB down and Chinese products cheap. State owned banks would also struggle with non-performing loans or bankruptcies.

    With a domestic market that wouldn’t buy much of anything because the people need to buy houses for access to school for their children or so that their sons can attract a partner later (and take care of their parents, since social benefits would only be enough to cover some basic expenses, not including rent) and an international market that wouldn’t buy anything because of rising prices, China’s economy would start to fall apart.

    • Luobo

      solid analysis

  • Shanghairen

    “housing prices in Shanghai’s prime areas reached 19,400 USD per square meter (approximately 120,000 RMB)”

    I’m not sure where these prime areas are, but I think you can buy a decent apartment near the center for 30,000 RMB/square meter. 120,000 RMB/square meter can get you a villa near West Huaihai Road. In any case, it’s an extremely high multiple of an average local salary.

  • Li Peng

    If there is an earthquake, every high rise in China will fall down because the construction is complete shite.

    • Rick in China

      I was in my Chengdu office during the big quake in Sichuan. After evacuation I went back up stairs to close doors and collect some people’s bags – the elevators were shut down, so I snuck in thru a staircase entrance.

      When I got up there I went out to our outside area to get a good view of all the surrounding buildings, and their fully glass exteriors.

      Not only were no buildings “fallen down”, but I didn’t even see any shattered glass. It wasn’t high-rises that were affected, it was old shitty brick low-level buildings in countryside village towns. Sure, construction quality here isn’t so great in general – and decoration is even worse – what do you expect if you hire some busted ass migrant workers and pay them shit to decorate as fast as possible?

  • Appalled@everything

    China Ranks 1st in World Top 10 Hottest Real Estate Markets – translated = China is getting good, an’ stuff, at, you know, lying an’ shit, about, you know, how stuff is worth a lot of, you know, cash an’ shit, when it ain’t actually be worth shit, cos’ you know, people be buying that shit cos’ we tell em’ it worth mad bills yo, an’ China be getting good, and stuff, at learning how to lie like a true player, yo – translated = China is rated 1st in World ~cough cough Ass-Raping League cough cough~ Top Ten Hottest Real Estate Markets – translated = Chinese real estate brokers and property developers and bankers rape poor people and normal low and middle income earning people in the rectum by speculating property values very, very, very high ~yo~ – translated = China Bad.

  • andywattbulb

    Welcome to ghost town.

  • Johnny Basic

    I love the way the Chinese write Hong Kong and Taiwan (and Macau) prefixed with the word ‘China’ (see the 2nd picture,中国香港,中国台湾). It always amuses me, a constant reminder of what petty little babies the Chinese, both the people and their government, are.

    The Chinamen know full well that the people in these parts of ‘China’ want nothing to do with the corrupt and locust-infested ‘motherland’, but persist with this silly habit. I do hope it helps to soothe them over the fact that they can’t afford a badly-ventilated, jerry-built, cockroach-infested shell of a ‘house’ even if they work non-stop for a century.

  • aodallya ren

    These apartment buildings are constructed quicker than the middle class can gather enough wealth to purchase them.

    Soon there will be a housing market in the Mainland that nobody can afford, the bubble will break and China’s economic growth will reveal itself as unsustainable, the multinationals and corporations will once again have gotten richer and left the individual holding nothing more than worthless paper.
    Be warned commrades the capitilist system is a house af cards that would have ruined a corrupted western society if not for the new injection of Chinese stupidity that now sustains it longevity to the present day. It is not the Party that seeks to hold you back but the corporations that currently surround you that will bring you to your knees, robbing you of your wealth, dignity and natural resources.

    The idea of wealth creation is an illusion. Of the total world wealth that has been created to date only 3% of it is infact in currency and the percentage that is infact tangible should shit hit the fan equals zero, like a vague dream/reality which it is. The man only gives you what he wants to keep you occupied until it is check on the board of life.

    In Western society we are slaves to a currency chasing the ever illusive carrot of wealth creation while the corporations posion our environments, collude with politicians to change any laws that stand in the way of money and resources and are not able to be held accountable like an individual human because of corporations laws past to protect the funds stolen for the hidden bankers behind the corporate veil.

    Today in America it is known as a strategic economic move to foreclose on your own property, this frees the mortgagee from the never ending financial burden that will linger like cancer till death ends the pain, if one does not do this then the financial cancer can be tranfered to one’s next of kin. The banks dont want people doing this and why? because they are left with a useless property that no-one wants anymore and the tool of imprisoning a person to the slave economy must now be sold to a new member.

    In Australia today many people declare themselves bankrupt to free themselves of these financial wolves as if they can not live within the means of the system under such pressure. It suffocates them to the point where one feels life is worthless. They have paid taxes all thier lives, even planned financial longevity in to older years by way of forced saving (superannuation). However the system keeps moving the goal posts and taking what was once there’s by way of financial market corrections and the cost of living increasing so rapidly that any wealth they have accumilated is not enough to live without continuing to work until death.

  • Tam

    I was just discussing this with a Chinese friend today. She remarked that in some cities in the US people live in old buildings. I told her that many cities in Europe people live in buildings far older say from the 1600’s and up. She was suprised by this. I told her that the interior was updated and the exterior was still structurally sound. I explained about building codes and the about everything being checked before anyone could live or work there. She was very surprised.

  • Foreign Devil

    I rented in a brand new ultra modern complex in Beijing.. within a few months all kinds of creepy crawlies had some how made their way to our 30th floor. Fine cracks appeared on some walls, toilet broke down . . Hai’er TV wouldn’t turn on anymore. .etc. . . The lobby elevator mirrors got broken and nobody fixed them. I guess there are not condo fees because nothing is maintained. . elevators are broke half the time and I even went up to the engine room for the elevators. . they never locked the doors. . so anybody could go up there and jack around with the elevator cables and gears.

    My wife suggested I invest in real estate in her hometown of Chengdu. . Real estate in 1st tier cities has already peaked . . I could probably make some money in Chengdu but too many risks. . buying under her name. . me not even living in China. Her parents would take care of everything. . but I’m playing it safe. . don’t want to speculate in a market that I can’t fully comprehend.

    • Rick in China

      If it’s your wife – go for it. Chengdu is still a good investment. I just picked up keys for a new place a few days ago – singapore development, just completed, and looks good. It’s next to the new subway stop main line in the city – across from Ikea, Auchan, and a “Galleria” brand mall, amongst other big outlet and shopping areas. You can put it in your name if you want – without living in China – just need to go to a notary and get your name officially translated into a Chinese name and there’s not much else to it. One of the hassles is getting cash overseas in large amounts into china and transferring into RMB, but it’s just paperwork/time.

      You can pick up nice places here for like 10krmb/SQM. Just need to know the area and development plans the government / major developers have in the works and it’s definitely a sound investment.

      • Alan

        Chengdu is still a good investment.

        Just curious, heard good stuff about Chengdu, what’s the quality of life like?

        • Rick in China

          Chill place…lots of development, friendly people. It’s not overly large like some other cities and transportation is pretty good. Most the foreign haunts/restaurants are close together, so if you don’t have a car or want to taxi around all the time you can rent (relatively cheap, can get a place for like 2k/month) right next to foreign bar/restaurant areas in “OK” apartments. Pretty big software industry developing here, lots of hi-tech zones etc. Food is good. Weather/pollution isn’t so bad, but not as good as some coastal cities like say, Qingdao.

          • Alan

            +1 for the food, Sichuan food kills it in comparison to other chinese cuisine.

            +1 for the people, Sichuan people always seem to be the Italians of China to me.

            for the pollution -1 I guess.

            Thanks for the comments, always good to hear of other places!!

        • Made In World

          It’s a great place if you’re a corrupt official looking for sanctuary.

          • Made In World

            I honestly have no idea, that was just funny, I thought.

    • Alan

      . but I’m playing it safe. . don’t want to speculate in a market that I can’t fully comprehend.

      Absolutely for the best.

      No telling what crap could hit what fan here. I’d invest in gold if it was me, rather than property here, much safer.

    • coala banana

      “My wife suggested I invest in real estate in her hometown of Chengdu. . Real estate in 1st tier cities has already peaked . . I could probably make some money in Chengdu but too many risks. . buying under her name. . me not even living in China. Her parents would take care of everything. . but I’m playing it safe. . don’t want to speculate in a market that I can’t fully comprehend.”

      The biggest risk is when you buy under her name, and of course her parents “taking care” of everything !:-( Property investments in china are still very risky. In case you have some spare money to play with buy in an already developed area, a closed community estate. But if you have enough money, then better invest in a few office flats in Hongong, preferable WanChai area or some warehouse flats outside the city, or wait till the china housing bubble explodes…..either way, don’t tell your wife anything ! Don’t let her know about your financial situation. You can buy as a foreigner under your own name, a bit more complicated and it costs a bit more, but its more secure. Let it run on a company or over a HK based solicitor firm (i use TannerDeWitt, they are located in LippoPlaza near Admiralty) with offices in china with a lot of experience in the china market. But for the money you will spend in china, you can buy a much better apartment or house in your own country. I for one am in the process of selling everything i have in mainland and HK. I trust my feeling, and I am sure that some major shit is going to happen in the next years, and i don’t want to be hear when the chinese mob goes crazy, most likely first making foreigners responsible for their misery…

      • Alan

        either way, don’t tell your wife anything ! Don’t let her know about your financial situation

        Agreed!

        I tend to believe in Tony Montana’s mantra from scarface when dealing with Chinese girls or those looking to get something from you:

        Always tell the truth, even when you lie!

  • bert

    The point of the story is that Chinese rip off more Chinese than any foreign nation ever has and that is okay with them….I guess.

    • Made In World

      I have to comment, yet again. This is something I’ve thought about a lot. It seems that foreigners like China more than Chinese people. We want them to progress, become a less dependent country of lies and money and corruption, and to just be a proper power. But all we ever hear about in the news (and from other Chinese) is about how bad the powers that be are. They (we) tend to push and shove and cheat to get what they want. And the thing is, it’s educating the population of this country that this is life, this is how it works in the real world.

      My biggest fear is that this spreads. That the more powerful China gets, the more corrupt the world will get. Yes, my government and many are corrupt, but it’s pretty easy to catch them with our people and our news agencies. Here it’s just like, “that’s the way it is, that’s the way I wanna be.”

      Instead of blasting me to get out of China, why not THINK of a solution to this?

  • Made In World

    Man I like Rick In China, read his stuff it’s it!

  • nameless

    China in rick, should be your name. Hell with your success story, bottom line is its sucks to be chinese cause, you buying something thats not going to be yours after 70 years. You – rick – are an investor not every chinese guy is an investor. Also this just means that the separation between the village people (not to be confused with rick the village idiot) and the rich is getting spread faster. Do you have any idea of the possible outcomes? Also HK is different as there are laws that govern buildings (builders code). Here in the wild wild east anything goes. I too own a place and its been 6 years my walls are rotting. I like how you added that you bought it under your wifes name – Is she aware that she is just a stepping stool in your plans to be the next Chonald Chump ?

    Just my 2 cents – and yes im an investor too.

    • Rick in China

      Your facts about the “after 70 years” are wrong. Read more. Learn more. There is reform under way. See many above posts and use them as basis for real research, not just repeating bullshit you speculate on based on nothing more than other people’s speculation.

      How is HK different. HK real estate is worse than China, actually. There are many deceptive and corrupt practices governing HK real estate. HK walls rot too. Actually, hold up, I think there’s a post on ChinaSmack about HK real estate barons..read it.

      “under your wifes name” – my wife? I don’t have a wife. Plus, how would buying something under a wife’s name be a stepping stool? that would be a risk factor, not a stepping stool. You obviously can’t read straight and mix up your facts, so I’ll leave it here.

  • nameless

    I like how you tout something as a good investment and then say you could sneak in after an earthquake, lol goes to show that they really care about your well being! And have built it with you in mind. Im being honest here to say i bought mine to be part of the band wagon, simply so i could double my money, i havent a back bone, i do things simply to have an advantage. But if you ask me if i plan on making it a home, id ask you if you smoke crack. Also dont hold it for too long cause i promise you one day they will pull the rug from underneath you.

  • Fauna: In english is written Colombia, not Columbia.

  • nameless

    lol when you loose your shirt call me ill sell you one made in china too! reform is coming but its in a different form trust me. People only like to get told what to do when they are in their comfort zone, but when it gets bad they’ll turn. Rule of thumb should be atleast 2 solid investments for 1 risky one!

  • John

    Sacrifice your freedoms and you can get a great place to live! And I love how I see these netizens posting about how their “Motherland” is awesome. Motherland? Fatherland? Wow, Seig Heil!!!!!!

  • dim mak

    Real estate is the ultimate asset. And Chinese people know this best of all.

    “It’s good to own land”

    Anywhere with a Chinese community will have housing inflation, rent farming, property tycoons, etc. In fact, if you scrutinize top Chinese politicians from HK/mainland/TW/SG and even here in Vancouver, you’ll see a majority owns a good amount of real estate.

    That’s exactly why Beijing does not technically allow ownership of land, only “leased” from the state. It’s also why Korea and Japan limit land purchases from foreigners. They don’t want to be taken over by us.

    Canada, on the other hand…

    I encourage all my Chinese bros to move here and buy up property by the block. We’ll own this country Malaysia-style in no time.

  • mogul88

    @ dim mak

    Can you elaborate what you mean by “We’ll own this country Malaysia-style in no time.” ?

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