I JUST HEARD!!!

I JUST HEARD!!!

My wife was a Chinese National and now is a US citizen. Her adult son still lives in Harbin, China and she talks with him often. She just told me that it is very difficult to find any kind of a job in China right now and that real estate prices have dropped there by a third!!! Those numbers are astronomical! I heard it and I still cannot believe it. Even if the comment was overstated by a lot, which sometimes happens with her, the numbers are still outrageous!

I asked why and she said that the COVID situation is still playing havoc with the economy there. I said that the COVID situation has been over for a long time and things are basically back to normal here and she said that is not the way that things work in China. Remember that the Chinese government shut down cities for long lengths of time. That had to change things there a lot more than here. I am really surprised and there may be other ways that I can check this out. But if you know something about this or if you have any connections that could shed some light on this, please write a comment here.

This could be astonishing news for the US Real Estate market. Normally, a lot of Chinese money comes to the United States from China, even though there are restrictions by the Chinese Government limiting those transfers. The Chinese normally pay cash for the real estate that they buy here, and they will, and I have seen it, pay more than conventional American investors, and sometimes by a lot! If this money stays in China because the real estate prices come way down, the Chinese will invest their money there taking advantage of the drop in prices, as it may just be temporary, the prices could go up very fast after the situation is corrected there.

Please use this post as a discussion group because this may very well be important to all of us in real estate, residential and commercial!!!