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Old 01-22-2013, 04:26 AM   #1
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The great communist corruption fire sale of China

Thousands of Chinese communist officials have been panicked into a fire sale of their illicit properties and billions of dollars have been smuggled overseas as the country’s new leaders intensify a campaign to root out corruption.

Luxurious properties are being dumped on the market in Beijing, Shanghai and Guangzhou for anyone able to pay in cash as officials try to cover their tracks. A report by the party’s anti-corruption unit, the Central Commission for Discipline Inspection (CDIC), said “a wave of luxury home sales began last November and has accelerated since December”.

It said the volume of deals had intensified by “a hundred times” after Xi Jinping, the incoming Chinese president, warned that corruption could kill the party and put one of the country’s most vigorous and resolute politicians, Wang Qishan, in charge of stamping out graft.

Fu Zongmo, an estate agent in Sanya, Hainan, said his colleagues had sold two houses recently for government officials. In recent years, the tropical beaches and golf courses of Sanya have attracted plenty of speculators but recently the market has stalled.

“They never register the houses in their own names and they use a string of agents to do the deals,” said Fu. He said one company had bribed an official by buying him a property at the Mountain Water International Complex. “The property was put in the name of the official’s relative. After six months, it was sold for two million yuan (pounds 200,000), around the same amount it cost. Then the official could cash out.

“The officials often use a special mobile number and when the deal closes they invite us for dinner to end the relationship. Then they throw away the number so we cannot contact them,” he added.

The CDIC report, which was obtained by the Economic Observer newspaper, suggested that nearly 10,000 luxurious homes had been sold by officials in Guangzhou and Shanghai last year. It also claimed that $1 trillion (pounds 630 billion), equivalent to 40 per cent of Britain’s annual gross domestic product, had been smuggled out of China illegally in 2012. Economists and experts cast doubt on the figure, but said the flow of money was dramatic. Li Chengyan, a professor at Peking University, suggested that about 10,000 officials had absconded from China with as much as pounds 100 billion.

Marco Pearman-Parish at Corporation China, a company in Beijing that helps clients find properties abroad, said there had been a strong rise in clients looking for homes in the Cayman Islands. “In Beijing, half our clients are government officials,” he said. “Nine out of 10 claim to be businessmen, but it emerges over the course of the deal that they have government jobs.”

The CDIC said 1,100 government officials had fled China during last year’s national holidays in October and that 714 had been successful in getting away. In the United States, the National Association of Realtors said properties worth more than $7 billion had been bought by Chinese in the U.S. last year. Some high-end homes were now built for rich Chinese, with ponds for koi carp and a second kitchen for pungent cooking.

Jiang Ming’an, a professor at Peking University Law School and an anti-corruption adviser, said: “The government has been setting up a housing registration system and that may have scared some of the officials with too many houses. People will not take to the streets now because the economy is good. But when it slows down in the future, as the old saying goes, the fire cannot be covered with paper forever.”

The Daily Telegraph
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Old 01-22-2013, 07:24 AM   #2
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Some high-end homes were now built for rich Chinese, with ponds for koi carp and a second kitchen for pungent cooking.


Durian?
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Old 01-22-2013, 07:52 AM   #3
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Old 01-22-2013, 08:34 AM   #4
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Ah China...

A nice little communist country, where "communism" means we don't really share dick, and you don't get a choice.

Win win!
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Old 01-22-2013, 08:47 AM   #5
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Old 01-22-2013, 08:54 AM   #6
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Old 01-22-2013, 10:46 AM   #7
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Durian?
I've seen lots of Asian/Indian homes have a second kitchen. It's usually a small kitchen accessible from the main kitchen..main is for entertaining and such, but most of the cooking is done in the small one so the house doesn't get full of cooking smells (cumin/galic/fish,etc).
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Old 01-22-2013, 12:11 PM   #8
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I've seen lots of Asian/Indian homes have a second kitchen. It's usually a small kitchen accessible from the main kitchen..main is for entertaining and such, but most of the cooking is done in the small one so the house doesn't get full of cooking smells (cumin/galic/fish,etc).
Yep - they also call it a grease kitchen, or wok kitchen. My parents have one, and my under-construction-house will also have one. Yes, we are Asian.
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Old 01-22-2013, 03:54 PM   #9
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Indians call it a spice kitchen. It's become popular with open house concepts.
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Old 01-22-2013, 08:23 PM   #10
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They are just eliminating officials who are not part of the Princelings faction.
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Old 01-22-2013, 08:30 PM   #11
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I've always wanted an outdoor kitchen!

Skillz starting at 1:35

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Old 01-23-2013, 01:40 PM   #12
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Corrupt Communist chinese officials buying overseas property = inflated real estate prices in Vancouver. It all makes sense now.
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Old 01-26-2013, 09:44 PM   #13
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Corrupt Communist chinese officials buying overseas property = inflated real estate prices in Vancouver. It all makes sense now.
you just got it??? corrupt officials and other rich (from industry) china citizens are a big part to blame for our expensive housing prices.

overall, I am very glad that this is happening. I really hope the stop of corrupt money will mean that some of it will go back to the people of China.
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Old 01-27-2013, 12:54 AM   #14
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you just got it??? corrupt officials and other rich (from industry) china citizens are a big part to blame for our expensive housing prices.
how big? can you quantify this number? what evidence do you base your claims?
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Old 01-28-2013, 04:30 PM   #15
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China is incredibly fucked up from the bottom all the way to the top. There's practically no hope for this country under the current regime. Its problems are much more complex than most westerners can comprehend, the whole system simply lacks universal values and common sense.
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Old 01-28-2013, 06:50 PM   #16
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you just got it??? corrupt officials and other rich (from industry) china citizens are a big part to blame for our expensive housing prices.

overall, I am very glad that this is happening. I really hope the stop of corrupt money will mean that some of it will go back to the people of China.
The housing boom as much as it hurt potential buyers, helped a lot of builders, contractors, property management companies and realtors make money too.
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Old 01-28-2013, 07:34 PM   #17
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China, why am I not surprised anymore?
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Old 01-28-2013, 08:30 PM   #18
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Ah China...

A nice little communist country, where "communism" means we don't really share dick, and you don't get a choice.

Win win!
i cant think of an example when "communism" was implemented and it was NOT turned into what you described?
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Old 01-28-2013, 09:17 PM   #19
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how big? can you quantify this number? what evidence do you base your claims?
it's in the news a lot. and take a look around you! lol. as a field tech, I go to a lot of customer homes. and yeah, I see a lot of big houses and nice apartments occupied by immigrant kids from China. no english, place is empty except for a bed and computer.

maybe I'm generalizing, but these out of country home buyers are definitely not helping with our housing prices.
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Old 01-28-2013, 10:22 PM   #20
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it's in the news a lot. and take a look around you! lol. as a field tech, I go to a lot of customer homes. and yeah, I see a lot of big houses and nice apartments occupied by immigrant kids from China. no english, place is empty except for a bed and computer.

maybe I'm generalizing, but these out of country home buyers are definitely not helping with our housing prices.
If you go to any pre-sales, it's mostly, if not all chinese buyers. Most condo developers cater to chinese buyers by not having the number 4 on their units, and no 4th, 14th, 24th floor etc.

80% + of the condo units by metrotown are sold to chinese buyers, this is from my friend who works for one of these developers who sees the contracts.
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Old 01-28-2013, 10:52 PM   #21
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If you go to any pre-sales, it's mostly, if not all chinese buyers. Most condo developers cater to chinese buyers by not having the number 4 on their units, and no 4th, 14th, 24th floor etc.

80% + of the condo units by metrotown are sold to chinese buyers, this is from my friend who works for one of these developers who sees the contracts.
Define "Chinese"

Is it cause they look Asian and speak mandarin or did they show a PRC passport?

Chinese people can be Canadians too....
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Old 01-29-2013, 01:57 AM   #22
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If you go to any pre-sales, it's mostly, if not all chinese buyers. Most condo developers cater to chinese buyers by not having the number 4 on their units, and no 4th, 14th, 24th floor etc.

80% + of the condo units by metrotown are sold to chinese buyers, this is from my friend who works for one of these developers who sees the contracts.
I think that depends on the condo. Places like Quintet in Richmond were reported to be overwhelmingly Chinese (without any distinction of local/foreign) while I've read that at Telus Garden only 4 units were sold to foreign buyers.

Also, does your friend have the ability to tell between Chinese Canadians and those that just came or only have PR status? What about between those from Hong Kong and PRC?
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Old 01-29-2013, 03:34 AM   #23
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Define "Chinese"

Is it cause they look Asian and speak mandarin or did they show a PRC passport?

Chinese people can be Canadians too....
I am Chinese and born in Vancouver, what he means is probably the majority of the buyers are from overseas in China or so called bbig 6 peoole
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