It's interesting. Did you see my last tweet at you Sir?
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Let me try to explain why Chinese people love buying real estate and you can tell me if you think I'm right: Domestic Chinese real estate: 1. Many domestic Chinese have never seen a real estate bear market, ever, therefore they think prices will rise forever. 1/n
2. In US we have a couple of different investment options: stocks, real estate, corporate debt, treasuries. Whereas in China, because of corporate and gov't scandals and recent hardship, non-real estate options are seen as very untrustworthy. Also, Chinese stocks dropped! 2/n
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3. Culturally, Chinese LOVE real estate. Even in formerly communist China the concept of the wealthy landowner prevails, especially in a country that is 人山人海. 4. Finally, Chinese people REALLY LOVE to gamble and speculate, much more than other countries. 3/n
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As for foreign real estate, many of the above reasons apply, but, in addition, Chinese people appreciate the RULE OF LAW in Australia, Canada, and USA etc. They know the money they've earned in China, no matter how they earned it, is not safe from the govt. What did I miss? 4/4
End of conversation
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