Earlier this week, Michael Snyder made quite a splash in the alternative media world with his article: The Chinese Are Acquiring Large Chunks Of Land In Communities All Over America.
Meanwhile, just last year I covered how corrupt Chinese are laundering their money through U.S. real estate in my post: Corrupt Chinese Politicians are Buying Billions in U.S. Real Estate.
This is a very important trend that we must keep our eyes on in the years ahead. Particularly since private equity buyers and hedge funds can no longer make a return on buy-to-rent, the real estate industry will become increasingly desperate to pitch American property to anyone willing to keep Housing Bubble 2.0 inflated.
Zillow Inc. agreed to make its U.S. property listings available to Chinese consumers through a partnership with a Beijing-based website.
E-House Holdings Ltd.’s Leju real estate site will carry Zillow listings that include homes for sale by agent and owner, units in projects under construction and foreclosures and short-sale properties, Seattle-based Zillow said today in a statement.
Chinese buyers spent more than $11 billion on U.S. real estate last year, with an average $425,000 purchase, Zillow said. The Leju-Zillow site, to be operated by the U.S. company, will be ready around midyear, according to the statement.
“Brokers and agents with listings on Zillow are now able to reach Chinese home shoppers who are ready to invest in the U.S. market, with no additional cost or effort,” Errol Samuelson, Zillow’s chief industry development officer, said in the statement.
Have fun being a peasant under your Wall Street and Chinese feudal lords.
Full article here.
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