When you talk about Shanghai these days, you cannot avoid mentioning how hot the real estate market is there. I know because that is always part of the conversation with my parents these days. Of course given the fact they currently own 4 flats (condos) in old and new complexes, they're always watching and monitoring the ups and downs. Well, it seems to be mostly up's in the recent years. I even got dragged into their latest acquisition by pitching in 1/3 of the house price with my own line if equity on my home in LA. The reasoning are two folds. 1. The real estate there is booming more than any where else in the world right now; 2. the potential untagging of RMB to USD means RMB will appreciate. So by all means, leaving your money/equity sitting in USD is not as good as transferring them to China to buy real estate.
The latest situation on new housing development in Shanghai is 10 buyers making offers to 1 unit of condo for sale. They use the lottery # drawing to pick who out of the potential buyers get to bid on the unit since the new housing from developers have fixed prices. Some of these units get resold for higher prices even before the unit has completed construction. It's as if they are a form of commodity and not for living or renting....
Tuesday, April 12, 2005
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