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Chinese & Australia
Topic Started: 27 Oct 2014, 11:42 AM (2,513 Views)
Ex BP Golly
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My alltime fav Chinese -Australian polly to date, at the moment of his downfall:

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http://au.linkedin.com/pub/alfred-tsang/47/836/22a

WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Leodwald of Portsburgh
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27 Oct 2014, 04:40 PM
Just go to any Bunnings Warehouse on a Sunday morning.

You will have a smorgasboard of multi-cultural immigrants from Plumbing and Bathroom all the way thru to Home and Garden.

Our mass, open border immigration policy is flooding the country and it is really starting to show.

I actually knocked a middle aged Chinese woman down with my trolley (not intentional – she just got in the way not looking where she was going). My apologies were swift and sincere. She did not utter a single word – glared at me as if to turn me into stone and limped off not looking happy. I do not think she could speak a single word of English.

You would have to be a comatose, drunken Blind Freddy not to notice, or a RE speculator willfully turning a blind eye!
Yeah, I know, right. Just going shopping these days is a descent into multikult hell.

What about the brainwashed loons that have been hoodwinked into thinking this is somehow a good thing. What kind of idiot celebrates the displacement and replacement of their lineage and ethnic group by others? How F vibrant.
Edited by Leodwald of Portsburgh, 27 Oct 2014, 06:39 PM.
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skamy
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27 Oct 2014, 04:40 PM
Just go to any Bunnings Warehouse on a Sunday morning.

You will have a smorgasboard of multi-cultural immigrants from Plumbing and Bathroom all the way thru to Home and Garden.

Our mass, open border immigration policy is flooding the country and it is really starting to show.

I actually knocked a middle aged Chinese woman down with my trolley (not intentional – she just got in the way not looking where she was going). My apologies were swift and sincere. She did not utter a single word – glared at me as if to turn me into stone and limped off not looking happy. I do not think she could speak a single word of English.

You would have to be a comatose, drunken Blind Freddy not to notice, or a RE speculator willfully turning a blind eye!
You see it is not really the fact that they are of Chinese descent that bothers bears, it is that fact that they are in Bunnings Warehouse. That means they are buying, selling and renovating houses. Why does that upset them?because it is the final nail in the coffin for the bear fantasy of a crash in home prices. It will be a very rare day indeed when these Chinese people sell their homes on the cheap.
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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Veritas
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skamy
27 Oct 2014, 06:52 PM
You see it is not really the fact that they are of Chinese descent that bothers bears, it is that fact that they are in Bunnings Warehouse. That means they are buying, selling and renovating houses. Why does that upset them?because it is the final nail in the coffin for the bear fantasy of a crash in home prices. It will be a very rare day indeed when these Chinese people sell their homes on the cheap.
And yet the US is full of people of Chinese and Asia descent.

Didn't stop prices falling there.

And Skamy,you don't have to sell the house for it to be worth less.

It just is worth less whether you wish to sell it or not.

:re:
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?

The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly.
Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
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doubleview
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Count du Monet
27 Oct 2014, 05:25 PM
You forget that at least until the present China has had a high rate of domestic inflation. Hence banking your money or buying government bonds was an even bigger waste of time than doing that here. Very often Chinese families engage in syndicate savings, so the money that comes here to buy an investment property represents a number of incomes pooled.
This brings back memories, I worked with a chinese fella when I was in Sydney (90's), lovely bloke who I got to know well (3 years).

He grew up in Sydney.

One thing I do remember was that he did own his own home, he was in his mid thirties and had owned it for a fair while (not sure how long).

I had heard of rumours well before I had setttled in Sydo, mainly that some nationalities syndicated their R/E purchases

Anyway this fella was more than obliging to tell me what he did to get outright ownership.

To cut a long story short he lived in the laundry (wife and 1 kid) of a house that was already owned with 6 or something other families and they pooled their cash, once they got enough cash together they would continue repurchasing!!!

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Count du Monet
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27 Oct 2014, 05:45 PM
That's something that should have been obvious which I hadn't considered.

It would be great to know exactly who is buying what and how they're going about it, even just for sake of curiosity but it's never going to happen. The extent of their effect on the market is something to behold in some localised regions.
The relative bubble in China is many times larger than whatever is in Oz. And things look very uncertain and is your money safe while the communist party is there? In they end they might be only fighting to retain value in the face of huge losses in China. But as things stand China will be suffering the mother of all credit crunches. As that sinks in the flow of money out might come to a halt.

But until now in China trying to save money in the Government banking system is a waste of time, far better to pool money and buy something solid that can retain value.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Glenn Stevens
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I think to date the pessimists on China — and there have been a lot of them for quite some years now — have been wrong. That doesn’t mean that they will be wrong indefinitely. But to date what we’ve seen — despite a great deal of anxiety — is that China has not slowed down more than intended. They’re growing at about the pace the Chinese authorities announced they wanted some time ago. There is an issue with the so-called shadow banking sector in China, but I think the Chinese authorities are acutely conscious of that and they’re doing the things that they can do to try to manage the potential for excesses there down. Now, whether they can do that entirely smoothly or not remains to be seen. It’s not easy to do, but I think thus far they’ve actually demonstrated a pretty good capacity to manage things given the various constraints they face. So I think the potential and to some extent actual financial excesses in China; that’s really the thing to be watching. So far so good, but it’s a work in progress; no doubt about that.
Edited by Glenn Stevens, 28 Oct 2014, 11:10 AM.
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cokatoo56
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I think the big economic crisis in China that everyone is talking about will happen all of a sudden without anyone being able to precisely anticipate it. Until then, the Chinese will hide losses, publish "nicer" data that reveal overall good financial health and tell the world that everything is fine.
Any other country with such an oversupply of accommodation (Chinese ghost cities) would have already faced a big economic downturn.
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skamy
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Veritas
27 Oct 2014, 08:03 PM
And yet the US is full of people of Chinese and Asia descent.

Didn't stop prices falling there.

And Skamy,you don't have to sell the house for it to be worth less.

It just is worth less whether you wish to sell it or not.

:re:
You see Veritas this is where bears like Steve Keen got it so wrong. Property has an intrinsic value regardless of what the current market pays.

Steve Keen sold a good Eastern Suburbs home into a bad market hoping for a worse market. What he forgot is that an Eastern Suburbs home is a very desirable property.

Homes in the US are shockingly undervalued and the people who bought through the downturn will now see those houses pushed back to their intrinsic long term value. They will make the money back that the poor downturn sellers lost. Where do you think the money lost on houses went? Do you seriously believe it will not head straight back into housing when confidence picks up again?

I doubt very much that many Chinese people (or other first or second generation migrants )would have been among the sellers during the downturn. It would have mostly been the local aspirational poor who suffered.

Edited by skamy, 28 Oct 2014, 12:13 PM.
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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Veritas
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skamy
28 Oct 2014, 12:12 PM
You see Veritas this is where bears like Steve Keen got it so wrong. Property has an intrinsic value regardless of what the current market pays.

Steve Keen sold a good Eastern Suburbs home into a bad market hoping for a worse market. What he forgot is that an Eastern Suburbs home is a very desirable property.

Homes in the US are shockingly undervalued and the people who bought through the downturn will now see those houses pushed back to their intrinsic long term value. They will make the money back that the poor downturn sellers lost. Where do you think the money lost on houses went? Do you seriously believe it will not head straight back into housing when confidence picks up again?

I doubt very much that many Chinese people (or other first or second generation migrants )would have been among the sellers during the downturn. It would have mostly been the local aspirational poor who suffered.
More skaminomics.

Seriously, its like debating a monkey.
Edited by Veritas, 28 Oct 2014, 12:19 PM.
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?

The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly.
Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
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