Monday, March 09, 2009

Chinese real estate speculation in the US

Lots of news stories about how tours are being organized for cash-flush Chinese citizens to tour America and buy properties that are distressed, in foreclosure, etc. Many of the news stories, especially those on television focus on Americans being interviewed, expressing outrage and concern over the potential of the Chinese owning tracts of property in the United States (I have yet to see any reporter remind anyone being interviewed how much of the US debt is already owned by the Chinese).

Reminds me of the 80's and the concerns about the Japanese being large tracts of US property, which, in turn, reminds me of this quote from Akio Morita, founder of the Sony Corporation:
"If you don't want Japan to buy it, don't sell it."
There you go -- feel free to update accordingly with the country of your choice.

Picture from b2tse

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