indirectapproach Posted February 13, 2011 Share Posted February 13, 2011 Oh, so it's buy to bonk over there rather than buy to let. Interest rates will go up. Some payments will get missed. Suddenly someone will realise they're staring at a house on cards. And it'll all come crashing down mistresses and all. Chinese history is not my best subject but I bet it has its fair share of train wrecks. Why should this be different? The question is when? Quote Link to comment Share on other sites More sharing options...
Saberu Posted February 13, 2011 Share Posted February 13, 2011 (edited) Oh, so it's buy to bonk over there rather than buy to let. Interest rates will go up. Some payments will get missed. Suddenly someone will realise they're staring at a house on cards. And it'll all come crashing down mistresses and all. Chinese history is not my best subject but I bet it has its fair share of train wrecks. Why should this be different? The question is when? I should mention maybe 20% of purchases are from normal middle class people who just want their own place, or want to buy a small apartment for their young childrens future. Most businessmen still let out a lot of their 'property empire' for rents which cover maybe half the mortgage or less making the purchase more affordable, as they can still show off to girls that they own x many apartments in the city. Really difficult to say when the bubble will burst because a lot of businessmen are buying in cash and the wealth of chinese businessmen is MOSTLY down to China's huge export market as Western countries export their wealth creating oppurtunities to the Far East making these men richer every year. There is somewhat of a duel society in China now, you have normal working people then you have either rich businessmen or mistresses who are both much richer than normal working people, and for the most part both of these groups of people look down on normal people like scraping shit off your shoe. But saying that, some of the nicest people I've met are Chinese and there are a lot of good aspects to Chinese culture and society, if the average living standard was not so low/ if life wasn't such a hard slog for most Chinese people I'm sure that they'd be even less materialistic than most countries. Edited February 13, 2011 by Saberu Quote Link to comment Share on other sites More sharing options...
Panda Posted February 13, 2011 Share Posted February 13, 2011 The AUD is in for a rude awakening at some stage. Having said that, in the long run I'd rather be in Oz than the UK, but I certainly wouldn't be buying AUD at the moment. I am off on my hols to Oz late this year, whats the chances of beating $1.6 to £1 at the mo? Makes the place mighty expensive, anyone think we could see $2.6 to the £1 ever again..................... Quote Link to comment Share on other sites More sharing options...
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