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Chinese Culture and Real estate


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2011 Oct 29, 4:22am   24,763 views  71 comments

by Serpentor   ➕follow (0)   💰tip   ignore  

When people say "its part of the Chinese Culture" to buy up overpriced houses (whether its in China or Cupertino) my internal BS flag starts waving.

when you look back in the history of China, there are no cases where property were purchased to sit and not generate income. No cases when luxury real estate are bought by ordinary families and are sitting idle because nobody can afford the rent.

20years ago, chinese were struggling to keep their families fed, 50 years ago real estate were the last thing on people's mind with wars etc, even if you look back 100, 500, or 1000 years ago, I can't think of a case where chines people buy up luxury property and let them sit around.

Are there any time in history of ANY culture that ENTIRE cities are built then sat empty?

This can not end well.

buying overpriced real estate with shadow financing is as part of the Chinese culture as HELOC Neg AM NINJA Loans is part of the American culture.

#housing

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64   Mick Russom   2012 Jun 10, 12:38am  

We have, in the USA, chosen to import the Asian culture of misery. Constant work, multiple jobs, crushing cost of living, and a dog eat dog rat race.

And the laughable thing is that the Asian helicopter parenting and obsession with forcing math and other academics on kids produces uncreative, rude self centered junk most of the time with an occasional success story.

Sad. Its time to try and figure out a way out of the city centers and prepare to live out life the right way.

65   B.A.C.A.H.   2012 Jun 10, 2:35am  

Mick Russom says

produces uncreative, rude self centered junk most of the time

Yep. I think you see the future of Silicon Valley. There ain't no future in it.

66   bmwman91   2012 Jun 10, 4:07am  

Mick Russom says

We have, in the USA, chosen to import the Asian culture of misery. Constant work, multiple jobs, crushing cost of living, and a dog eat dog rat race.

Uugh, I hope not.

My coworker put on the audio book version of The Outliers the other day when we were working in the lab. This comment, along with the audio book's explanation of "Why Asians are good at math" jive perfectly. Looking at the Asian cultural legacy, and the historical role of working rice patties (which apparently yield more and more the harder you work them, which is sort of the opposite of western agriculture), the workaholism makes total sense. Unfortunately, I don't think that a lot of people ever got the memo about "life balance" or that a lot of employers exploit exactly that cultural work ethic without ever letting the worker get the pay-out. At this point, it seems sort of like a dogmatic behavior pattern since it is "expected" but nobody is bothering to think about why. "More work, more money...someday" and that someday may never come, at the expense of all of your todays.

67   B.A.C.A.H.   2012 Jun 10, 9:40am  

bmwman91 says

it seems sort of like a dogmatic behavior pattern since it is "expected" but nobody is bothering to think about why.

From what I've heard and read, many of the youth in Japan are asking those sorts of questions and frustrating the more established part of their society by choosing not to buy cars and homes.

68   bmwman91   2012 Jun 10, 9:51am  

Interesting. Japan does strike me as being one of the more "modern" Asian societies in a lot of ways, despite being able to hang on to a lot of older traditions (nothing wrong with that, either). I need to visit Japan someday.

69   B.A.C.A.H.   2012 Jun 10, 10:13am  

You will have a great time in a superficial visit as a bumbling foreigner tourist.

Try to have a deeper experience and you will hate it.

70   freak80   2012 Jun 10, 1:29pm  

Serpentor says

The cultural revolution wiped out all the traditional values and the semi-capitalism corrupted the citizens into money hungry status climbers who care nothing about morals.

The same thing happened here in the late 1960's and 70's...to a lesser degree.

71   Serpentor   2012 Jun 10, 4:15pm  

Btw. As a non scientific observation, I hear a lot more taiwanes accents in cupertino then Cantonese or mainland mandarin.

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