More Chinese pressure on UK house prices

purch

Loughton_Monkey wrote: »

The Monkey only operates at the very top of the first division.

Alongside Bristol City, Swindon, MK Dons and Preston :eek:

pricedout_1

TickersPlaysPop wrote: »

I haven't posted a new thread on China for a while.

The question.... is this the start of the Chinense bubble unraveling and my predicted global crash?
I.e. PAY TAX!

Maybe :-

http://www.telegraph.co.uk/finance/economics/11398175/The-global-financial-system-stands-on-the-brink-of-second-credit-crisis.html

The bonds of Chinese real estate companies are now falling like dominoes. Kaisa, a Shenzhen-based, Hong Kong-listed developer that raised $2.5bn on international markets had to be bailed out by rival group Sunac last week after it defaulted on its debts. The bonds of other Chinese real estate groups such as Glorious Property and Fantasia have also sold off heavily as the contagion spreads.

The strain in its banking system is highlighted by the elevated levels of the Shanghai Interbank Offered Rate (SHIBOR), which shows Chinese banks are worried about lending to each other. There is no schadenfreude in watching China unravel. The problem is that banks such as Standard Chartered and HSBC have both rapidly increased their lending operations in Asia since 2008.

Loans are very easy to make, it is getting the money back that is tricky. If loans go bad in Asia they will ultimately have to be recognised on the very same group balance sheet from which finance is extended here in the UK. So, the contagion can quickly spread from the Chinese property market to a poorly funded UK bank that has never set foot in Asia. That is because UK banks borrow billions in short term funding from each other. Loan losses in China can very quickly become a UK problem.

TickersPlaysPop

My issue is not with non UK passport people buying residential properties it is our government allowing it. I love people from all walks of life and countries, being well travelled and recently returning from China on a business trip it is close to my heart.

Many thanks to the last poster. Some productive and useful work instead of the negative back biting as usual.

jjlandlord

TickersPlaysPop wrote: »

My issue is not with non UK passport people buying residential properties it is our government allowing it.

Have you read the quotes from post #16?

antrobus

TickersPlaysPop wrote: »

My issue is not with non UK passport people buying residential properties it is our government allowing it....

That's like saying my issue is not with Jews living in this country, it is with our government for allowing it.

TickersPlaysPop wrote: »

... I love people from all walks of life and countries, being well travelled and recently returning from China on a business trip it is close to my heart.....

And some of you best friends are Jews as well.

CKhalvashi

TickersPlaysPop wrote: »

My issue is not with non UK passport people buying residential properties it is our government allowing it. I love people from all walks of life and countries, being well travelled and recently returning from China on a business trip it is close to my heart.

Many thanks to the last poster. Some productive and useful work instead of the negative back biting as usual.

So, what you're saying is that as a foreign-born national, I should be confined to an overpriced rental market whilst paying tax here?

Surely you can see that's completely unreasonable, if it's brought down to a personal level?

TickersPlaysPop

I've posted extensively in the past about exposing our residential housing market to money from over seas.

Don't forget the context of these comments.... our housing market has experienced inflation greater than wage inflation for a long time. Housing is now in short supply, there is no reassuring evidence that building will increase enough to balance the market. We have a trend of more renting and less owner occupiers.

If all the the above problems were not the case, of course.... foreign investment is fine.... in fact, if we didn't have the problems above there would be much less foreign investment!.... Why? because it wouldn't be such an attractive investment due to less chance of a return on their investment.

I completely understand that there are multiple factors causing the market to inflate, and foreign investment is just one of them.

We have serious problems with our housing market, it is socially devisive right now, and allowing it to drift even further into a mess is criminal.

We have been and will continue to be the laughing stock of wealthy investors around the world. They sit back and sip their Champagne watching their investment grow, and we see our homes inflating out of our reach.

Our scarce commodity is being plundered on a global scale..... and it will leave us in 10-20 yrs with houses that our children will not be able to afford.

Generali

antrobus wrote: »

You are darned right there. No one can out-pedant me!:rotfl:

And I'm prepared to take on the monkey (who ever they are) in the play-offs if the opportunity arises.

Don't try to spank the monkey. You'll come second.

Jonbvn

antrobus wrote: »

Why, yes as it happens.

Although I presume the reference is to Stamp Duty Land Tax.

So now you know how HMRC benefit & you already knew the answer to your own question.

What is the point....

BTW, I work with someone like you. He likes to hold court during meetings (& everyone thinks he is a [EMAIL="t@sser"]t@sser[/EMAIL]).

antrobus

Jonbvn wrote: »

So now you know how HMRC benefit & you already knew the answer to your own question....

Never ask a question unless you already know the answer.

Jonbvn wrote: »

...What is the point.......

Well, the point would be that (a) I was asking the question of the OP and (b) that HMRC benefits from the SDLT due from the sale of a property irrespective of the nationality of the purchaser. HMRC therefore makes no extra gain by virtue of the fact that the purchaser is Chinese or whatever.

Jonbvn wrote: »

...BTW, I work with someone like you. He likes to hold court during meetings (& everyone thinks he is a t@sser).

Ah, the ad hominem fallacy. The old ones are the best. If all else fails, resort to personal abuse.:)