myrrph
VIP Member
trying to figure out how to change my nick :P
Posts: 1,075
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Post by myrrph on Oct 19, 2016 10:29:04 GMT 10
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Post by ziggysdad on Oct 19, 2016 12:04:04 GMT 10
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shinester
Senior Member
China's white trash
Posts: 3,119
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Email: shiny@ausprep.org
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Post by shinester on Oct 19, 2016 14:15:41 GMT 10
Could be great, lots of Chinese owned unoccupied houses throughout Melbourne [17,000 unoccupied, unknown how many to who], just live in them for 15 years and because of squatters rights they're yours lol.
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tyburn
Senior Member
Posts: 366
Likes: 541
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Post by tyburn on Oct 19, 2016 16:08:25 GMT 10
Copied from the comments after the first article: The issue with China is the fact their economy is a hugely managed affair despite some leanings towards a free market. I doubt the Communist Party would allow any hard landings because they'd be in danger of losing power. They'll manipulate things so that any change is not as harshly felt. It just depends on whether that change causes another problem or will they slowly try to unwind the tangle they've got themselves in. The other thing about China is that there's still a few hundred million peasants yet to be moved into the cities and create a bigger consumer economy. That's a lot of untapped demand with which to grow their economy. Any uncertainty about China's economy may push more of them to invest here in our safe and secure property market.
This is a pretty good analysis. The Chinese government is trying to get everyone to urbanise, meanwhile also relaxing the one child policy, thus meaning a huge appetite for urban apartments for the next few decades. Only problem with this is the huge bubble caused by speculators means prices are extraordinarily high - apartments in the city of 7 million that I live in are priced at an average of A$5k - $7k/square metre at the moment. So, at least $500k for a 100sqm that is handed over as an empty box, plus 10% in fees and taxes, and then needs at least another $40k work before can move in. All up maybe $600k, but on an average yearly salary of around say $18k. Of course, plenty of people get paid much more than that, but that price is for an entry-level home. Is it any wonder that Chinese see houses in Australia as being cheap? Apart from anything else, you get them already fitted out, they're yours forever (ownership has a maximum of 70 years in China), plus unlikely for the government to decide to chuck you out cos they want to build a road or industrial area there. The only thing they have trouble understanding is the FIRB laws (obviously not realising its very hard for a foreigner to buy property in China), and the yearly council tax (which don't exist in China).
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