Goodbye, New York, California and Illinois

Re:Goodbye, New York, California and Illinois – Hello where? by Spooky23 on Friday January 17, 2020 @07:30PM (#22081201)

> Yes, there is a lot of foreign investment in California real estate which just sits empty. I get ads from agents that "specialize in finding Chinese buyers" which is code for "people who will pay more than asking and not care what condition the house is in".

Or more simply, “money laundering”.

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Re:Goodbye, New York, California and Illinois – Hello where? by jedberg on Friday January 17, 2020 @08:36PM (#22081545)

Well not exactly. A lot of it is that China only allows their citizens to hold so much private wealth, so the wealthy find ways to get their money out and hold it elsewhere.

California real estate (and western real estate in general) is a good place to hold it because of our stable economy, solid legal system, and you get something tangible (the land and building).

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Re:Goodbye, New York, California and Illinois – Hello where? by Spooky23 on Friday January 17, 2020 @11:48PM (#22082353)

So as a rich Chinese person, you invest in western real property as a vehicle to make it appear that you don’t control money that you are not entitled to by law, or move it out the reach of the banking or taxing authority.

... that’s money laundering!

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Re:Goodbye, New York, California and Illinois – Hello where? by micmil on Friday January 17, 2020 @11:57PM (#22082386)

That is not money laundering. If you want money laundering go have a look at what goes on with Trump properties. Real estate changing hands with massive variances in value, well out of step with market influence.

The entire concept of money laundering requires the money be illegally obtained. Simply moving money that you legally acquired around is not money laundering. Stop using words you do not know the meaning of.

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