Government’s numbers on foreign real estate buyers are nonsense

Government’s foreign buyer numbers way off according to Asian real estate conference

Asia Real Estate Association of America, Vancouver chapter representatives say the government’s data sample is too low to be accurate.
Agents, experts say Chinese buyers account for much more than 3% of B.C. homebuyers
China Cash Power

A provincial government statement that only 3 per cent of B.C. residential sales are made to foreign buyers and that Chinese nationals represent just 2.5 per cent of Metro Vancouver home buyers drew rolling eyeballs and laughter at the packed July 7 Asia Real Estate Association of America (AREAA) conference in downtown Vancouver.“No. Absolutely not,” said an incredulous Byron Burley, Shanghai-based vice-president of Chinese-language, China’s largest foreign residential real estate search engine. “It is way, way higher than that.” Burley noted that millions of Chinese nationals use his site, which has from 3,000 to 5,000 residential listings from B.C. at any time.

“My intuition says it has to be much higher [than 3 per cent],” said Michael North of the Asia Pacific Network Foundation, “just based on the number of people and the number of deals being done at this conference.”

Read more at: Vancouver Courier – ‎Jul 11, 2016‎ 

While racism is seen as a Vancouver tradition that will pop up whenever there is a housing crisis, be it housing bubble or housing shortage …

History shows racism has always been a part of Vancouver real estate Jul 12, 2016‎
These are visible manifestations of a racism that has grown out of British Columbians’ frustration with realestate prices that have surpassed the affordability of many long-time residents. And according to members of Vancouver’s various Chinese and
Real estate, racism, Massey Tunnel replacement Vancouver Sun
Well, we are talking about rich people like this man …
Lamborghini Gallardo Owner Murders His Own Car in Protest over Poor Service

Lamborghini Is A Crap!

A Chinese Lamborghini Gallardo owner smashed his supercar publicly  to show his dissatisfaction with the car maker’s services.

It’s claimed that the car dealer sold him a faulty sport car and couldn’t fix the problem and refused to take up responsibility.

The businessman from Qingdao, Shandong Province, says the engine of his luxury sports-car, a Lamborghini Gallardo L140, failed to start on November 29, 2010, just six months after he bought it. As any other car owner would do, he contacted the Lamborghini dealer in Qingdao, and the trailer of a maintenance service provider entrusted by the dealer was sent to carry the car to a designated maintenance shop. When his Lamborghini was returned, the owner noticed the engine problem still hadn’t been fixed, and that the bumper and chassis had been damaged, probably during the towing.

The outraged car owner decided to hire a group of construction workers to publicly destroy his faulty Lamborghini Gallardo L140 on World Consumer Rights Day, to attract attention to the consumer rights problem in China. He stated that, in recent years, the Chinese people have been more than capable of consuming luxury goods, but international brands seek only to exploit the Chinese market and ignore the interests and rights of consumers. He feels that, in his case, Lamborghini failed to bring their famous high quality service to China, and this was the only way left he could protest.

In China, a Lamborghini Gallardo retails for between $529,000 and $757,000, depending on specifications.

Readying the Lamborghini Smash Up event …Get set, on your mark, SMASH!The boss participate to have some fun …Whack, baby, whackChina man destroyed Lamborghini

There goes the baby … half a million grand USD

In another incident,

Chinese Maserati owner smashes up his luxury car

A wealthy Chinese Maserati owner hired four sledgehammer-wielding men to smash-up his $420,000 super car in protest at poor customer service.

The car owner, identified as Wang, had the group attack the Maserati Quattroporte at the opening of an auto show in the eastern city of Qingdao in Shandong province, the Qingdao Morning Post said.

Imagine if we tell these guys: “Hey, we are not comfortable with you coming here gobbling up all our houses and create a housing crisis along the process … “. Guess they may just smash up their $$$ multi-million dollars villas the same way the smashed up the Lamborghini and the Maserati?

Other China’s citizens and foreign real estate investment related stories around the world …

As Australia prepares for a correction, Chinese buying of U.S. housing units falls 15 percent – ‎Jul 11, 2016‎
A new report suggests that Chinese buying of U.S. real estate has diminished over the past year. The National Association of Realtors has reported that 29,195 housing units were traded from April 1, 2015 to March 31, 2016. That’s a 15 percent drop from

Study: Foreign Home Buyers Pouring into Texas for Cash Deals

Breitbart News – ‎Jul 11, 2016‎
A new study from a real estate trade organization finds that Texas is more than a popular destination for American transplants – it now scores third in the U.S. for foreign home buyers as well. The National Association of Realtors ranked the Lone Star

China remains top buyer of US real estate – ‎Jul 10, 2016‎
A home for sale sign hangs in front of a house in Oakton, on the day the National Association of Realtors issues its Pending Home Sales for February report, in Virginia March 27, 2014. A total of 27.3 billion U.S. dollars, 29,195

The Chinese are Top Buyers of US Real Estate

Live Trading News – ‎Jul 11, 2016‎
The Chinese have bought total of $27.3-B, or 29,195 houses in the US last year. What these numbers tell us is China has been the largest buyer of US homes for the 2nd year in running. Increasing activity has brought both the dollar volume and number of …

Chinese plow US$27.3b into US residential real estate

Hong Kong Standard (press release) – ‎Jul 11, 2016‎
A total of US$27.3 billion and 29,195 houses. What these numbers are saying is China has been the largest buyer of U.S. homes for the second year in a row. In dollar terms, Chinese accounted for 26.7 percent of residential property sold,notes Lawrence

Capital flight is crippling China — and BC shares the blame (subscription) – ‎Jul 10, 2016‎
For those still reluctant to consider the impact of offshore money on B.C.’s bloated real estate market, there is another reason to be concerned: the disastrous implications of international capital flight for vulnerable workers in the developing world

Foreign Buyers Choosing Cheaper Homes

RealtyBizNews – ‎Jul 11, 2016‎
The numbers of foreign buyers purchasing US property remains high, but now it seems as if they are choosing to purchase lower priced properties rather than luxury homes. The article in thinks this may be due to higher property prices combined …
Renminbi … China’s Curency
Image Source 

Ten tips to help agents succeed with Chinese buyers

OPP.Today – ‎Jul 11, 2016‎
Chinese investors – both commercial and residential – spent almost $30 billion on property abroad last year, according to data from Colliers International. What’s more, Chinese outbound real estate investment is set to increase by 50% in 2016, the

Chinese emerge as enthusiastic buyers of property in the US

Property Wire – ‎Jul 11, 2016‎
Image The volume of property sold to overseas buyers in the United States has declined slightly but Chinese people are buying more real estate, exceeding the amount of other top international buyers. Research from the National Association of Realtors …

Million-Dollar Chinese Lead World In US Property Purchases

Forbes – ‎Jul 11, 2016‎
Chinese buyers lead the world in terms of the amount of U.S. property they buy. And there’s good reason for anyone selling high-end property to put out the advertisement in Mandarin – they’re buying properties that are, on average, just under US$1 million.

China clinches top place as US home purchaser

MENAFN.COM – ‎Jul 11, 2016‎
A total of USD27.3 billion, 29,195 houses indicate that China has been the largest buyer of U.S. properties for the second consecutive year, based on reports. In accordance, increasing activity has basically brought both the dollar volume and …

Chinese The Biggest Foreign Buyers of US Homes for 4th Year in a Row

Mingtiandi – ‎Jul 10, 2016‎
Chinese buyers purchased $27.3 billion in US residential property in the year to March, exceeding the value of the next four largest overseas investors combined in terms of dollar volume and making them the top cross-border buyer of American real