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A comment on Goodbye, New York, California and Illinois – Hello where?. Parent comment

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).

[ Parent | on HN ]
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!

[ Parent | on HN ]