Hang on to your farm land and your homes. The Chinese are on the move. In China, pollution has created an asthma epidemic, food safety scares are commonplace, and China’s economic pace ebbs. The country’s wealthiest are on the move and want a better life for themselves or their children. Over 9.3 million have immigrated in recent years.
The United States is the preferred destination. U.S. real estate has become the safe haven for wealth. In August, the largest real estate for sale database, Zillow, will begin publishing its information in Mandarin. Already, in 2013 Chinese buyers purchased about $11 billion of US properties.
In Manhattan, about half of all new condos are being purchased by Chinese nationals. They are purchasing businesses and agriculture land as well. One of the largest recent purchases was the snap up of Smithfield Foods, a giant US pork producer, by a Chinese company for $4.7 billion. Let’s face it, we owe the Chinese the company store. They are financing a huge amount of our country’s debt and climbing. There will come a day when they want their money back or will collect assets. Land is something they need for their overflowing population.