China's housing bubble deflating - latimes.com
Home prices and sales plunge after China's government intentionally slams on the brakes. Some recent buyers stage demonstrations, destroy real estate offices and demand refunds of up to 40%.
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And remember: nearly all the new housing in China is in CIDs--condos and HOAs. And their management companies make ours look like pussy cats. They hire security firms that actually beat people up for complaining.
2 comments:
I suppose it's better that they only dispossess you of title and possession of your property here - although such activity by the management companies and HOA attorneys has indisputably led to personal bankruptcies, to marital instability, to the loss of jobs, and to invasions of individual privacy of the involuntary members of the HOA/condo corporation here. The U.S. needs to stop subsidizing the HOA/condo industry and can do so by removing federal financing for such properties. Oh, look they were smart enough to start doing so.
You know a common pro-HOAers (unsubstantiated) claim here is that HOAs preserve property values. Now one could easily point to the equivocal nature of a statement that doesn't say "who" the value was preserved for. Certainly it is not the owners. Reviewing this article, it appears that owners lost 40% almost immediately. What is the industry's rebuttal in China to explain the large losses associated with HOA/condo property?
Speaking of Communism:
"The World" is airing a series of programs about "20 Years After the Soviet Collapse."
Just a few minutes ago, they aired "Why Some Russians Miss the Kommunalka." (Brigid McCarthy. December 13, 2011)
The Kommunalka was a Soviet experiment in communal living. Entire families were forced to live in a single room, nevertheless some have surprisingly fond memories of the experience.
The report stated that "The aim was to create a truly collective society. But it was also the Bolsheviks’ solution to the urban housing shortage. Communal apartments remained the most common form of housing in Soviet cities for several generations."
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