The Phaserl


The Third Plenum of China

By James Corbett, The International Forecaster:

Late last month the Chinese government announced the dates for the Third Plenum meeting. The much anticipated gathering will take place from November 9th to the 12th in Beijing.

For those who don’t know, the Third Plenum is (as the name suggests) the third plenary session of the Chinese Communist Party under new President Xi Jinping. Although it doesn’t sound particularly important or impressive, the Third Plenum has gained a reputation for being the meeting at which major changes in direction for the Chinese economy are announced.

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1 comment to The Third Plenum of China

  • rich

    Maybe they should discuss this?

    Why Chinese People Buy So Many Homes in Palo Alto It’s not just because it’s nice: Foreign home purchases by China’s wealthy tell us a lot about the country’s economy.

    The rise of the Chinese consumer on the global stage has had a tremendous effect on world markets, shaking up everything from the price of milk powder to impressionist paintings. Now, the impact is being felt all the way in Palo Alto, the Silicon Valley town next to Stanford University.

    Over the past two years, Chinese buyers have been snapping up property in the city, driving up prices and possibly contributing to an emerging bubble. Chinese nationals have tripled their share of home purchases in Palo Alto since 2011, now accounting for around 15 percent of transactions in the city according to Ken Deleon, founder of Deleon Realty, a local firm that has invested heavily in catering to Chinese buyers.

    “If we have seven offers for a home here, three of them will be Mainland Chinese buyers with all cash,” Kim Heng, the Chinese-born head of Asian outreach at Deleon Realty, guessed. “We’ve never seen so much money in all the years we’ve been in the real estate business.”

    Many Chinese buyers looking for homes in Palo Alto come from the elite of Chinese society, often serving in the leadership of the country’s largest corporations. Capital controls normally restrict the movement of large sums of RMB, China’s currency, out of the country, so prospective buyers use Hong Kong branches of their companies to transfer funds from the mainland to the territory and then into American accounts. Among those with access to these channels of wealth and power, the cost of the home is often the least of their concerns when buying into Palo Alto, where average prices approach $2 million.

    “I am so shocked at the amount of money these people have,” Bowling remarked. “To me $3 million is a lot of money, but to them it’s almost like pocket change. It just doesn’t put any kind of financial burden on them.”

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