Quote:
Originally Posted by Hank Chinaski
So those are a vacation place for the time someone might be in the States? Looking at the ads in the NYT each week for the new mega tower with 1 bedrooms starting at $4 million Always wonder who could be buying them-
|
A lot of times not even a vacation spot, just left vacant and unfurnished as a dollar based investment.
In Boston they often get purchased when someone comes to school here. I've seen families buy a whole building, not just a single condo. It's done because they want to get money out of China, and there are limited exceptions to exchange control restrictions on transfers abroad. Those exceptions got narrowed by China about a year ago, so the practice is changing.
