What it looks like after a property bubble burst


Jedi said:
If we do not have complete information on the sale, so what is the hoha of this deal? So what if this EC was sold at $1.77m or more.

For example, if the parents are tycoons, then it is peanut to pay $1.77mm for EC as long as the young couple like it.
Click to expand...

there's a huha cos ppl want to have a huha when they tcss/gossip.
 

Jedi said:
Thanks for the "likes".

Precisely, we do not know have other details other than an EC was sold for $1.77m.

There are thousands of reason for it. Therefore, it is up to each individual speculation or imagination.
Click to expand...

yeah bottom line here is they like it and they have the $$$ to buy so no one can stop them basically :)
 

They might just need to wash the $ who knows?? 1.77m to buy EC is unwise, can get private condo or landed easily ...
 

An EC is fully privatized after a period of time.

If I am not wrong that implies it turns into a Strata-Titled Private Property same as every other Condo private property?

Can anyone confirm ?
 

Shizuma said:
An EC is fully privatized after a period of time.

If I am not wrong that implies it turns into a Strata-Titled Private Property same as every other Condo private property?

Can anyone confirm ?
Click to expand...

10 years after TOP.
 

Shizuma said:
ever heard of a FIRE economy ?
finance
insurance
Real Estate .

in a closed FIRE economy we would be doomed as Ah Boy predicted .

however we are still producing physical goods . eg oil refining , pharma , etc .

the day we in up in FIRE economy , i will pack up my kitty basket and air fart myself to another country
Click to expand...

Maybe the refining/oil rig construction business can make it, but alot of the tech manufacturing are shaky.
 

[video=youtube;bPpPnxayEEk]http://www.youtube.com/watch?v=bPpPnxayEEk[/video]

all the views espoused in the video are the singer's and not mine ;)
 

The report is a little inaccurate for Sanya. Most of the buyers of properties in Sanya are from the north eastern provinces, and the houses only serve as a winter-getaway for the rich (they don't take loans from banks to buy properties, theirs is the best instalment plan, the "one-time-payment"). I live in Sanya now and I see my neighbourhood filled only between November to April/May every year. The unoccupied properties are usually those that are incomplete like 鲁能 properties, but that is only because of the unfinished golf courses. Even as I am writing this, Hainan Airlines property arm are building a massive new estate that is already almost sold out. The demand for housing in Sanya is ridiculously high as the rich from the north eastern provinces wants to have a house in tropical Sanya for their elderly at home. So don't believe all these "experts". They merely write from their perspective but not all they know is all accurate or true.

ricohflex said:
haikou.png


If the PRC ordinary joes borrowed heavily from bank to buy Hainan property at these unreal inflated prices at the peak of the bubble, they are in trouble when the bubble bursts and prices crash down steeply in a freefall. Have to top up huge bank loans and with no buyer to off-load the burden for the next 10 years. Probably the same thing happened to the Spanish speculators.

Watched a TV documentary on Hainan island which was marketed as China's Hawaii and lots of PRC property speculators got conned into buying at very high prices, properties which are now completely unoccupied as empty shell blocks in ghost towns.

"About 80 percent of the new residential buildings in cities such as Haikou and Sanya are vacant, according to my research on the property market in Haikou and Sanya," said Wang, who is also an economics professor from Hainan University.

Hainan province mulls tax on vacant homes|Economy|chinadaily.com.cn
Click to expand...
 

Last edited:
Today's CNA news 11 Nov 2012.
The CNA newscaster has reported that the property bubble has burst in Ordos, Inner Mongolia, PRC.
Make sure you catch the special program "Living in a Bubble" tonight at 8pm on CNA.

[video=youtube;6NjjE6StUrs]http://www.youtube.com/watch?feature=player_detailpage&v=6NjjE6StUrs[/video]

Also, view this video
China is the biggest Bubble in History - YouTube

Read these reports
Housing bubble in Inner Mongolia's Ordos bursts｜Economy｜News｜WantChinaTimes.com

BBC News - Ordos: The biggest ghost town in China
 

[video=youtube;nQlu3nCbLio]http://www.youtube.com/watch?v=nQlu3nCbLio[/video]

http://www.businessweek.com/news/2012-11-11/rajoy-aims-to-stem-evictions-as-suicide-darkens-crisis

http://rt.com/news/spain-woman-suicide-eviction-378/

http://www.channelnewsasia.com/stories/afp_world_business/view/1236538/1/.html


Today's 13 Nov 2012 CNN news report.

400,000 Spanish families have been evicted from their homes by Spain's banks.

Spain's banks are evicting Spanish families from their residential property at the rate of 500 families per day. .

It is surreal because there are 1.2 Million empty unsold housing units in Spain; but each day 500 Spanish families are evicted from their existing homes to live on the streets.

Two elderly Spanish citizens about 53 years old have committed suicide when the banks' eviction teams went to evict them.

Some of the bank employees refuse to be on the eviction teams to do this to their fellow Spanish citizens.

Many elderly Spanish owe crazy sums of money to the banks because they signed as guarantors for the bank loans taken by their greedy adult children to "invest" in properties bought at peak prices during the Spanish property bubble.

The young Spanish adults got carried away with the property bubble fever; well - just like their counterparts in PRC, Ireland, Iceland, Japan and....(Singapore? - lucky our Govt controlled this).
 

Last edited:
You must log in or register to reply here.
Top Bottom
Back