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TheCountOfNowhere

Woooooossssssshhhhhhhhhhh: The Great Chinese Property Pullback

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I thought the bubble would go POP, but it's gone woosh instead

http://www.smh.com.au/business/property/that-whoosh-its-the-great-chinese-property-pullback-20170807-gxrfbc.html

That whoosh? It's the Great Chinese Property Pullback

 
 
That whoosh you just heard? It's Chinese money pulling back from property in London to Sydney to New York.

 

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29 minutes ago, TheCountOfNowhere said:

I thought the bubble would go POP, but it's gone woosh instead

http://www.smh.com.au/business/property/that-whoosh-its-the-great-chinese-property-pullback-20170807-gxrfbc.html

That whoosh? It's the Great Chinese Property Pullback

 
 
That whoosh you just heard? It's Chinese money pulling back from property in London to Sydney to New York.

 

I dont know whats going on in China. Neither do the Chinese.

Im sure the banks wont do something stupid...

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This relates to commercial property investment...its not clear what this means for everyday Chinese middle classes buying housing in the UK.  My Chinese neighbours had the monks around yesterday to bless their new extension.  I have never seen a building contractor consisting entirely of Chinese workers but they managed to find one (in fact I have never met a Chinese builder before).

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13 minutes ago, Wayward said:

This relates to commercial property investment...its not clear what this means for everyday Chinese middle classes buying housing in the UK.  My Chinese neighbours had the monks around yesterday to bless their new extension.  I have never seen a building contractor consisting entirely of Chinese workers but they managed to find one (in fact I have never met a Chinese builder before).

I looked at buying an almost new build house near to Soton a few years ago ...developer couldnt get it signed off by the council as the building work was not up to scratch ... such things as the ceiling going up the stairs was too low and you'd bang your head on it, floors were lopsided and felt like you were going to fall over ... and much much more.

Anyway the amateur developer had flown in an Indian building team (obviously working illegally) Turned out the Indians were cowboys!

Developer must have lost a fortune.

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Just now, Option5 said:

Shame :D

I drove past it recently, it sold at auction for 145K so he'd have got 135k approx. Land alone must have cost in the region of 100k. Claimed once completed it'd be a 300k house, may have been correct if built properly in the first place.

He was a well spoken and seemingly intelligent man, why the #### he flew over an Indian he sourced on the internet is beyond belief.

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1 minute ago, Habitationi Bulla said:

seemingly intelligent man

appearances can be deceptive........................Bankers and politicians seem intelligent (except of course for Diane Abbot)

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10 minutes ago, Gorseinonboy said:

Bring in the Polish every time. If you want hard workers who can complete on time, trust the Polish....

Hard work doesn't equal good work, most haven't served any form of apprenticeship.

If you want hard workers who are trained, hire British.

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1 hour ago, Habitationi Bulla said:

Turned out the Indians were cowboys!

Developer must have lost a fortune.

I would had reservations about them,,,

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This is probably aside from interest rates the biggest factor.

With such low rates you can make a case for local house prices being around the local household income x max LTV/loan size.

But like others around here our areas have houses for sale en masse (in my area 450k+) that can only in most cases be bought by people coming in from London often those folks have only a slightly higher income once commuting is factored in.

That side of the market is due to London being off the charts expensive via the trickle down of this Chinese money.... its everywhere.

The pullback I am sure is the current reason behind the London slump as they buy houses in a different way (speculating in bread and butter properties) than rich arabs and Russians who want a mansion.

Its a long way down to 4.5 household income average when the average is in the main under 70K

Edited by Fromage Frais

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3 hours ago, Habitationi Bulla said:

I looked at buying an almost new build house near to Soton a few years ago ...developer couldnt get it signed off by the council as the building work was not up to scratch ... such things as the ceiling going up the stairs was too low and you'd bang your head on it, floors were lopsided and felt like you were going to fall over ... and much much more.

Anyway the amateur developer had flown in an Indian building team (obviously working illegally) Turned out the Indians were cowboys!

Developer must have lost a fortune.

Ooooh give us a pic from google streetview!

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5 hours ago, Wayward said:

This relates to commercial property investment...its not clear what this means for everyday Chinese middle classes buying housing in the UK.  My Chinese neighbours had the monks around yesterday to bless their new extension.  I have never seen a building contractor consisting entirely of Chinese workers but they managed to find one (in fact I have never met a Chinese builder before).

http://www.zerohedge.com/news/2016-03-29/made-out-sand-dramatic-look-inside-newly-built-chinese-apartment

That story about the guy with Indians...I'm no longer stunned by the utter stupidity that goes on in the building trade but that's up there

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2 hours ago, Grab_Some_Popcorn said:

Ooooh give us a pic from google streetview!

It was this house, looks as if no one is living there on the basis there are no curtains, i could have got it for 140ish prior to the auction but the builders said it could cost 100k or more to fix. This was before prices went insane .. late 2013/ early 2014 time.

Edit- I do like the telegraph pole in the front garden, its a classy feature, kind of like twigs but bigger.

house.JPG

house2.JPG

Edited by Habitationi Bulla

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26 minutes ago, Habitationi Bulla said:

It was this house, looks as if no one is living there on the basis there are no curtains, i could have got it for 140ish prior to the auction but the builders said it could cost 100k or more to fix. This was before prices went insane .. late 2013/ early 2014 time.

house.JPG

house2.JPG

A door would've been a good start.. .

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24 minutes ago, Digsby said:

A door would've been a good start.. .

and having a telegraph pole in the middle of the front garden is something i would not like much, interferes with my high speed parking maneouvers, but at least i dont have to worry about crashing into the front door.

Edited by leonardratso
language timothy

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Comparing to next door you can see how low the ceilings must be...developers must think buyers are so desperate they don't care so they cut corners but when I have been looking for accommodation if the ceilings are low I turn around and walk straight out.

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