Interesting article

http://www.nytimes.com/2016/04/13/world/americas/canada-vancouver-chinese-immigrant-wealth.html?action=click&contentCollection=Food&module=Trending&version=Full&region=Marginalia&pgtype=article

Interesting NY Times article.

 

Disgusting

 

My brothers went/go to (one is graduating in May) UBC. They tell me that the amount of amazing sports cars being driven by teenagers on campus is beyond ridiculous.

 

Will be interesting when (if ever) the government starts trying to determine how much of the funds flowing in are from illegal sources of income / corruption /etc.

The ownership of these cars and behavior is not something to envy imho since the cars are just trinkets, with no real value to them, but I do feel bad for the residents that compete for home purchases if many are sinking cash offshore as a way to protect (potentially) ill-gotten gains.

Explains the run-up in prices with no fundamental drivers... if they are throwing hundreds of thousands around for kids to have cars, imagine bidding against them for buying homes... yikes!

 

The RE market in Vancouver is also insane. I mean completely divorced from reality Tulip-mania level of insane. The collapse will be spectacular.

I have to wonder if the wealthy Chinese know something we don't about China's future and want to get as much money out of the country as possible into hard assets. Hard to think a 1200 sq ft shack for $3M or a new Lambo as a hard asset/investment but who knows.

 

Sort of related:

CSP: CU-Boulder student leads troopers on 100-mph interstate chase - Boulder Daily Camera

 

Yes, it has become insane. It has been crazy since the late 80's. Even when I graduated high school in 1991, it wasn't unusual to meet foreign exchange students from China with crazy allowances. One thing that has changed, financing/leases are more available now. I knew a few Chinese kids with parents back in China. They got allowances ranging from $10k to up to $50k per month. If you had that with no expenses, you'd lease an exotic too. One thing that's changed from 20 years ago, we now have social media.

The downturn in China has made it a little more crazy. According to my SIL who was born and raised in China. Plus this is backed up by a bank manager friend in Canada. The Chinese don't trust banks. They treat real estate as a bank. Another they also use real estate to evade taxes here. No capital gains tax on primary residence here.

 

Oh, I agree completely, that market is so disconnected from any semblance of reality that the fall will be hard and shocking.

 

Super_Dave, should you not rejoice? Your financial position should position you quite nicely when the fall does happen (which I actually agree will happen sooner or later) - fortunes can be made shorting bubbles.

What perplexes me is why you would post this article? You yourself were bragging that you are in the top 1%, won the lottery, hangs out with billionaires, is an an expert in markets,and has two graduate degrees from Ivy league schools. Sounds like the very 'show off' behavior your are criticizing with this thread?


...yet when asked to substantiate any of these grandiose claims - always comes empty handed..

I'll tell you what's worse then these show offs you are calling out, its show offs that are poseurs on top of that!

Anybody want more entertainment from "Super_Dave?"

Just peruse his history here (just tip of the iceberg)

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How To Spot Someone Who's Lying On An Internet Car Forum


Super_Dave, we all have long memories...you do stay quiet for a little while hoping for the dust to settle - I do seriously enjoy you sometimes... it is entertaining to view the trainwreck of Super_Dave (in a Jerry Springer sort of way)
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Some folks have mentioned I have an uncanny memory.

It's so lovely the internet is forever.

Considering if you listened to "Super_Dave" you would have lost a LOT of money.

6 years later and he was as wrong as can be.

Just cashing in chips.