Will Chinese buyers save the NY housing market?

Although I've made fun of the "foreigners will save NY real estate" arguments from many years ago, even though I don't think the Chinese will "save" us, they will own more and more of the US of A.

These guys are sitting on huge piles of dollars, which they aren't very comfortable holding, and they are our creditors. They will buy up more and more of America as this plays out.

This is one of Peter Schiff's theories that I'm curious to see will play out or not. I think it will, over time.

let's have a poll to see where the next chinatown is going to be

I'm surprised the article didn't mention Houston & Texas in general. The Chinese have been active in that market.

Their RE market is also suffering quite a bit along with the rest of the world. I wouldn't be too surprised if American investors/corporations are also looking to invest in their markets. US corporations for the most part are flush with cash if one strips out the financial sector

The Chinese also continue to invest heavily in natural resource assets which is a brilliant move IMO given the lower valuations.

Ugh, why didn't they come to Chicago????

Stupid Chinese people!

is that you rufus? Or is that an impostor?

I don't think that they really have that much more money than we do, but I'm sure there is some investors there.

They are certainly coming in and, Serge, you're right about including Texas in the mix. I lived in Austin before moving up here and the sheer explosion in the growth of Chinese/Asian population there was pretty astounding. They were building a whole new shopping center, including an enormous Chinese-focused, supermarket in an area outside of the normal Asian-focused area.

Who knows?

Yes, the Chinese Carpenters will save us!

Oh wait, the China bubble is popping worse than ours!
http://online.wsj.com/article/SB123359977495740199.html

Whoops.

a better question is why is it that so many owners of apts I'm bidding on are currently living in China (and London)? Do they get news over there? These don't seem to know that the housing market is tanking.

InvestorMan, I just hope they keep buying all our damn debt 'cause if they slow down their purchases or worse, there can be some serious pain down the road.

Austin, been there a few times but unfortunately, not recently. It was great fun. :)

In China, bad news is censored by the government.

In the US, bad news is generated by the government.

nycjunior1, perhaps the Brits despise their own RE markets which are tanking by the week. Taking it further, their economy is on the ropes plus their currency has tanked against the USD & Euro & Yen &...........

Not sure why our British friends feel the need to invest in another illiquid market. Perhaps its Chinese investors with a London address. :)

Austin's a great town. I'd be lying if I said I didn't miss it quite a bit. All the reasons I didn't like Austin are why I like NYC and vice versa. Life's full of sacrifices and, as Mick Jagger says, "You can't always get what you want."

Serge, unfortunately, I don't think we'll be so lucky. China has been firing off their own stimulus plan and, actually, it appears they're looking at another one: http://www.google.com/hostednews/ap/article/ALeqM5j1FZRNA_nf7XY7YePH-Od-tdunFAD963E9PG0

The problem is, they're gonna need money for all of this too. From what I can tell, they hoped ours would work and we'd start happily buying up their products again, so they'd be better off funding ours. But, apparently, it's not turning out so well for them. They are, soon, going to have to start selling bonds to pay for theirs or, more likely, start selling OUR bonds to get their money back.

If the latter happens...well, we're in deep dog logs. I read an article recently on this, but I don't remember where off the top of my head and I don't want to quote anything from it, for fear of kingdeka coming after me about lying.

Oh great. 40 Chinese people will save Manhattan real estate. Crisis averted. Move along, folks... nothing to see here!

not a chance...Chinese exports falling off a cliff.

Calculated Risk has a piece today. 20 million migrant workers have been forced to return to their humble rural origins due to lack of factory work in the last couple of quarters. I know they have a gazillion people, but 20 million? I think some Chinese industrialists may be looking for a place to hide out for the next decade or so.

Up the revolution!