Wenzhou money is now in Vancouver
 

an article from Vancouver's chinese media talked about groups of businessmen from Wenzhou are in Vancouver now and purpose of their trip is to buy properties. One agent by the name of Zhang Wei Bin (alec zhang) of Sutton picked up 4 parties at the airport alone on Monday, the first day of the year of dragon. Starting on Tuesday, they have started to look at ocean view properties in West Van, most in $5 million range, including one at 2400 Halston Crt, which those businessmen consider very cheap, comparable properties cost 3 times more in China.

Most of you may never have heard the city. It is the birth place of current day capitalism in China and it is estimated the residents of the city have amassed over $90 billion investable capital, people from Wenzhou are known as fierce business competitors, and fearless properties buyers. Wenzhou housewives formed buying teams and go from city to city to buy big chunk of new development projects and sell later for profit. they are the ones who made news in 2011 to purchase some of the most expensive properties in HK (also among the most expensive properties in the world) China's ban on multiple housing units have severely limited Wenzhou people's opportunities domestically. That is why it is interesting to see where they go next.

Here are the photos of those people on Singtao Daily, the bald guy is the agent (alec zhang/sutton)

http://img4.imageshack.us/img4/4316/...1250420000.jpg

http://img17.imageshack.us/img17/612...1250420040.jpg

http://img543.imageshack.us/img543/204/filefgj.jpg

http://img543.imageshack.us/img543/7...652090jpgs.jpg

Ocean view properties? Lolz the houses that sold in the cambie 25th-41st area are all in the 4.1-5 mil range and look like old ass ranchers.

i dont get it, why west van? cold weather and snow. why not a nice warm place like malibu or sth? is it because there are chinese ppl here? in which case, back to my question, why WEST VAN
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what's with the last image?

^apparently what they have in businessmen in the region, they do not have in decent graphic designers
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This completely disrupts the natural flow of a local economy by driving up housing prices and causing further inflation. It would be nice if all these wealthy Chinese would use their money to help the poor and disabled in their own country, instead of fucking up our economy just to make more millions. Talk about no moral compass at all. I'm going to china in march for a study and volunteer program..how fucked up is that? That a country with some of the richest people in the world needs volunteers to help their own citizens.

Im all for making profit and bettering ones self, but there comes a time when you say to yourself "ok, I have 5 houses and tens of millions of dollars, maybe it's time to help others".

I find it ironic that a communist country has wealthy business men to begin with. By its very nature, should not everyone be equal?

Oh. Corruption. Got it!

Well property owners in these areas enjoy the million + added value property tax increases this year ;)

Because the chinese are very adept at dealing with corrupt dictators. Why buy anywhere in the states when the shady laws come and bite you in the ass and take away your ownership rights.

they aren't really in the traditional sense of Marxist communist anymore. They have been running a hybrid of communism/capitalism where the government controls everything EXCEPT wealth distribution

Never thought of that, but American politicians do have a habit of taking on pet peeve projects that could turn and bite people in the ass.

I don't know though, that in this day in age they could actually pull off something specifically targeted at foreign ownership. And by "foreign" I mean asians and brown people, because those are the ones Americans love to hate.

"99% of the wealth is controlled by 1% of the population"...

and that 1% doesn't even live IN China.

:okay:

Oh yeah, I know...it was more sarcasm than anything. It's truly bizarre that you now have a dictator government that does everything EXCEPT provide the one supposed benefit of communism-that being equal wealth distribution.

Gallery: What $350,000 can buy you across Canada

looks like i'm moving away haha

don't agree AT ALL, the US won't ever just take away property from certain groups - if they do restrict, tax unfairly, or whatever else to foreign investors, tehy know they'd fuck themselves over.

lets just put it this way, i own a bunch of property in the states and none here and i have no concern that I'll be treated unfairly - and if, by some miniscule chance, they do start rumbling, i could just sell

only dumb and slow people get screwed by governments like that (although we all 'truly' get screwed by the government, but at least that's a level playing field)

THIS. I have a feeling by the time I'll be in the market for a home in 7-10 years, foreign investment will have saturated the market with homes costing double what they do now.

i havent seen so many puffy jackets in one spot since aberdeen

I am more referring to just general corruptoin where you go to the states buy a house pay the owner find out that there is still money owing to some bank or "holding agency" or lien or fines for non payment and getting clear ownership is just a giant pain in the butt and in some cases not even doable.

fuck you corrupt motherfuckers, i want a house too

Okay, that would fucking piss me off to no end. A prospective buying smoking on my property? Not only will the smell possibly get into my house, but where is he going to dump his butt once it's done?

No respect for other people, I tell you...

You are so uniformed about the US it's fucking retarded.
A home owner was just fined and had to tear down all construction of their new house because there was standing water after rainfall. According to some fucked up law for that state/county/city/town/district makes it "wetlands" and your not allowed to build on wetland.
So guess what happens after some insider buddies purchase it for dirt cheap with connections? They rezone it after buying it for pennies on the dollar. That kind of bullshit isn't happening YET in Canada but that is just a tiny example of whats going on.
Bet you didn't know that in some places the fines for having grass above a set level is in the THOUSANDS of dollars per day. So if your an old geezer who goes to the hospital you come back guess what FINES.
I'm sure you know california is underwater in debt. Do you know how many states are in worse situations? How do you think they are going to generate revenue?
You think mainlanders are going to travel halfway around the globe to a place where they dont even speak the langauge.... because they want to gamble? They are purchasing here for stability and the price for that, to them is DIRT CHEAP.
Do you think for one split second the people in charge in the US are not trying to start a civil war? Thats exactly what they want to happen and the problems are only going to get worse.

At the end of the day you can feel free to put your money where your mouth is and go buy some more property in the states. I know where my money wont be going.

So their people get the worst of both sides :lawl:

Thought of Zhang Fei for a split second, LOLOLOLOLOL.



I miss him.......... no homo.

I'm sick and tired of seeing these mother fuckers coming here and buying up everything. It's disappointing to see many people that were born and raised here having to move away because they can't afford to live here in this city.

wow, are you some kind of conspiracy theory nut or something?

yes there are rules down there that if you break you have to pay, many of which are HOA based.

i'm not building anything, so i don't have to worry about anything like that, all my properties have full due diligence performed on them, are managed, and fully insured, so i'm not quite sure what kind of whack job theories you have about the world (and civil war? get a grip), but what i do know is that you will probably talk yourself out of an amazing opportunity to make a solid investment with sound fundamentals with low risk.

there are always ppl who do things wrong (perhaps mr. standing water), and there are always ppl who do dodgy handshake deals with insider information, but to say my properties will go up in smoke is ludicrous

why don't you tell me how 9/11 was an inside job (whether it was or not doesn't mean anything, but a lot of crack pots like to have themselves heard, and i'm getting the same feeling from you)