Chinese Economics Thread

[hashtagpls]

A lot of rich people.previously invested millions and billions of dollars outside China in real estate in other countries. This phenomenon is so strong that other countries have part of their countries supported by real estate taxes produced by Chinese investments lol.
China should seriously start tackling this huge problem of the "elite" rich people abandoning China which allowed them to build their wealth in the first place.

Imagine having half the population in poverty or poor conditions, urgently requiring investments and then watching rich Chinese people which built their wealth upon the back of countless poorly paid, hard working Chinese labour to piss their money away in foreign hostile countries.

Billionaires must learn that the money they made with China's help must be at least partly reinvested back into the country to help improve the the lives of the people. I give Xi credit that he is starting doing some of this and the Jack Ma situation.

Not to mention all those Chinese graduates who lived off Chinese government funded stipends on useless western uni degrees and supported by their families working in government, only yo turn around and become absolutely slaves and lackeys for the Washington Consensus, speaking specifically of that barren leftover female who made nomad land.

 

[Sleepyjam]

A lot of rich people.previously invested millions and billions of dollars outside China in real estate in other countries. This phenomenon is so strong that other countries have part of their countries supported by real estate taxes produced by Chinese investments lol.
China should seriously start tackling this huge problem of the "elite" rich people abandoning China which allowed them to build their wealth in the first place.

Imagine having half the population in poverty or poor conditions, urgently requiring investments and then watching rich Chinese people which built their wealth upon the back of countless poorly paid, hard working Chinese labour to piss their money away in foreign hostile countries.

Billionaires must learn that the money they made with China's help must be at least partly reinvested back into the country to help improve the the lives of the people. I give Xi credit that he is starting doing some of this and the Jack Ma situation.

Actually the outbound real estate investment is very tiny when compared to the total investment and has being declining for years. Recent cases of violence and racism in the west against Asians won’t help the matter either.

 

[gelgoog]

A lot of rich people.previously invested millions and billions of dollars outside China in real estate in other countries. This phenomenon is so strong that other countries have part of their countries supported by real estate taxes produced by Chinese investments lol.
China should seriously start tackling this huge problem of the "elite" rich people abandoning China which allowed them to build their wealth in the first place.

Imagine having half the population in poverty or poor conditions, urgently requiring investments and then watching rich Chinese people which built their wealth upon the back of countless poorly paid, hard working Chinese labour to piss their money away in foreign hostile countries.

Billionaires must learn that the money they made with China's help must be at least partly reinvested back into the country to help improve the the lives of the people. I give Xi credit that he is starting doing some of this and the Jack Ma situation.

I think a lot less Chinese would invest in real estate outside China if you could actually buy land in China. Instead of just buying a long term lease from the state. Now, I don't think the Chinese state should privatize land in major cities, but perhaps in the smallest cities it could work. Still, all these rich people, not just Chinese, like to own houses in all major capitals they travel to for whatever reason. This is where the Soviet expression "rootless cosmopolitan" comes from I think.

 

[voyager1]

I think a lot less Chinese would invest in real estate outside China if you could actually buy land in China. Instead of just buying a long term lease from the state. Now, I don't think the Chinese state should privatize land in major cities, but perhaps in the smallest cities it could work. Still, all these rich people, not just Chinese, like to own houses in all major capitals they travel to for whatever reason. This is where the Soviet expression "rootless cosmopolitan" comes from I think.

Well there is certainly an element of truth in that but from what I know they are mostly using real estate as a gateway for getting passports/permanent residence/citizenship, actually in the EU there are many such schemes where you basically pay and you get an EU citizenship.

I find this far more worrisome as it shows that these rich people are not confident or maybe scared or they want a back up so if things get tough they will abandon their country.

 

[gelgoog]

A lot of obscenely rich people are like that. Just look at Mark Zuckerberg buying land in Hawaii and New Zealand.

 

[foofy]

Well there is certainly an element of truth in that but from what I know they are mostly using real estate as a gateway for getting passports/permanent residence/citizenship, actually in the EU there are many such schemes where you basically pay and you get an EU citizenship.

I find this far more worrisome as it shows that these rich people are not confident or maybe scared or they want a back up so if things get tough they will abandon their country.

Who is going to buy his company during uncertainty?

 

[gelgoog]

These people always stash money and investments abroad. Well most do anyway.

 

[foofy]

These people always stash money and investments abroad. Well most do anyway.

Do you think Jack Ma can just sell Alibaba for billions and walk away just like that?

 

[voyager1]

Who is going to buy his company during uncertainty?

Sorry mistake for not making it clear. They are not buying a company, they buy houses. So the government says pay 1 million to buy a house, the government might also put a 20 per cent tax and then the Chinese buy it, gov get its tax revenue and then gives to chinese passports

It also depends, sometimes its like 500.000 for a visa, 1.000.000 for permanent residence and 2.000.000 for citizenship. Obviously the amounts are not these exactly but you get the meaning. Chinese buy very expensive houses from construction companies, which then give tax to the gov, and so everyone is happy lol. I pity the poor Chinese people when I am hearing all these millions and millions their rich people give to buy a house in another country which will then never use just to get an out-of-jail card

 

[Deleted member 15887]

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