Corrupt Chinese Officials Parking Their Money in Manhattan’s New Housing Bubble - $6.5 Million For Two Year Old’s 2029 Dorm Room at NYU

The only reason I mention this is that once the greedy bastards who rule this planet inflate real estate in Manhattan to hide their theft and corrupt earnings, they cause inflation in Manhattan. Then the market inflates borough by borough down to my peasant level.

 

With the average wage nationwide at WalMart something like $8.10 an hour, I guess we should be grateful that some of that Chinese slave labor money makes its way back into the pocket of one real estate mogul like Donald Trump and his paper rich ilk.

Or the Chinese are getting out of their own hyper-inflated housing bubble that is about to burst?

http://www.telegraph.co.uk/news/worldnews/asia/china/9954488/Chinese-family-buys-4-million-New-York-flat-for-two-year-old.html

Kevin Brown, a senior vice president at Sotheby's International who specialises in selling New York's most prestigious property, said the unnamed woman had snapped up the flat in preparation for when her child eventually becomes a student.

"We were running around the city looking at things and I finally said: 'Well why are you buying?'" Mr Brown said to CCTV, the Chinese state broadcaster.

"And she said, well, her daughter was going to go to Columbia, or NYU or maybe Harvard and so she needed to be in the centre of the city and that was why she was picking this one particular apartment. So I said: 'Oh, how old is your daughter?' and she said: 'Well she's two'. And I was just shocked."

Mr Brown said Chinese buyers now make up a quarter of his business, in dollar terms."What is more interesting is that two years ago, it was only 15 per cent. And before that it was five per cent," he said. "Most Chinese want to be by Central Park, but they are not interested in the park view. They want a southern exposure."

While foreigners only account for two to three per cent of the houses sold in New York, around 11 per cent of that market is now made up by Chinese, who spent $9 billion on property in the United States last year.

The news of the purchase inevitably raised eyebrows in China, with most on the internet curious about where the money had come from. Several comments left on Weibo, China's version of Twitter, suggested that the woman must have been related to a corrupt government official.

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