Racist to blame Chinese buyers for high housing prices?

[RFlush]

Originally Posted by Tapioca

There is no doubt that there's corruption here, but it's definitely more muted and it's not as blatant.

@RFlush: I made a bold accusation, but why would a wealthy person invest his money overseas if he has no reason his money wouldn't be safe or somehow could be laundered/hidden in his home country? Moreover, if someone has gotten money through ill means, of course it won't show up in official statistics. China is the country I would least rely on for quality data anyway.

Something doesn't add up - how did millions of Chinese become millionaires over 2 decades? Through innovation? They built factories and/or they benefitted from the sale of state-owned enterprises intiated during the Deng Xiaoping era.

Name me ONE billionaire who has NOT invested in an overseas market. In your eyes, Buffet investing in BYD (Chinese Car company) means he made his money illegally? Li Kai Shing (well maybe its true) investing in real estate in Vancouver means he's hiding his money from the HK government which has one of the top 15 most transparent governments is laundering his money? Or me buying a house in HK and investing in RMB in China means I am scared that Canada or HK is going to take my money?

Chinese have become rich due to industrialization, just like in Europe and America. Look at how many companies have outsourced to China and have had set up factories in China. At first this is how all the Hongers became rich, and now the mainlanders are seeing what others are doing and doing it for themselves. Within the recent years, China is no longer a country where other MNC see as exporting from, but now seeing it as a place where they can import their products too.

I am not saying that there has been no corruption, but to make a bold statement that many of the wealthy people got rich because of corruption is just asinine. I personally know of a few rich mainlanders one of them whos parents were Harvard graduates and has opened up their own hedge fund company or another owning an ecommerce site that is fully listed on the HKSE. Sure there are probably some kickbacks but it's no different than big companies "sponsoring" campaigns for wannabe government officials in the US or in Canada.

[Everymans]

Stopped readin after the first sentence. whenever I see some teenager in a brand new sports car I get a cold reminder that china is running this city. And the majority of the people who move here move because it's a friggen gorgeous city. That's why I moved here. That's why I refuse to leave. It's the demand that drives prices through the roof. Everyone and their moms wants to live in kits or god damn shaugnessy and experience the worlds number one most livable city and the only canadian city without a real winter.

[Tapioca]

Originally Posted by RFlush

Name me ONE billionaire who has NOT invested in an overseas market. In your eyes, Buffet investing in BYD (Chinese Car company) means he made his money illegally? Li Kai Shing (well maybe its true) investing in real estate in Vancouver means he's hiding his money from the HK government which has one of the top 15 most transparent governments is laundering his money? Or me buying a house in HK and investing in RMB in China means I am scared that Canada or HK is going to take my money?

When you move money from a relatively transparent and open jurisdiction to a developing one, I would consider it a "risk" with the intent of making a better than average return. On the other hand, when you move money from a jurisdiction that is corrupt and is not transparent, I would consider it "safeguarding" your assets. I think everyone on this thread agrees that China is less stable and more corrupt than Canada, right?

Chinese have become rich due to industrialization, just like in Europe and America. Look at how many companies have outsourced to China and have had set up factories in China. At first this is how all the Hongers became rich, and now the mainlanders are seeing what others are doing and doing it for themselves. Within the recent years, China is no longer a country where other MNC see as exporting from, but now seeing it as a place where they can import their products too.

Companies outsourced to China because labour is (or was) cheap and environmental standards were low (not because of some inherent hardworking quality that Chinese people have.) And if something was against the law, I'm sure companies could get their way by greasing the wheels fairly easily.

And before people accuse me of being racist, I'm 100% Chinese.

[fetched]

Dear Tapioca,

What is wrong with safeguarding my assets by moving it to Canada because China is less stable and more corrupt. Does that automatically make me look guilty? The whole point everyone is trying to make is investing money in Canada by Mainlanders or ANY other countries with corruption does not mean it is corruption money. You are basically stereotyping all mainlanders with money as corrupted fuckers.

Ask your parents why they moved here, it's probably the same reason as the people you are accusing of corruption lol

[goo3]

Don't public companies have to be audited? I believe Buffett won't at all invest in a company if he doesn't understand the business. He has to trust its financial statements.

[wouwou]

Originally Posted by goo3

Don't public companies have to be audited? I believe Buffett won't at all invest in a company if he doesn't understand the business. He has to trust its financial statements.

From personal experience,

audited only shows what the owner is willing to share.

[Z3guy]

Originally Posted by MoBettah

BWHAHAHAHA

You keep believing that buddy. Stay poor and ignorant my friend.

you are clown. you make me laugh though.....

[Tapioca]

Originally Posted by fetched

Ask your parents why they moved here, it's probably the same reason as the people you are accusing of corruption lol

My grandfather moved here because he was dirt poor and there was money to be made in Canada.