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* Boom To Bust *
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Man I'm lucky. The last time we were in China, we actually took a look around at the red hot Chinese real estate market. The prices were staggering, but more staggering were the number of people buying (spectulating on) property. From what I could tell was that everyone owned their own place and at least a few more they bought to rent out. The problem is that most of buildings we saw as we drove around were mostly empty. Living through the nearly instant evaporation of Silicon Valley market cap, I have learned to heed the warning signs. Firstly, you see the unbelievable wealth being created. Secondly, you see people that believe that it will never end. Lastly, you see prices soaring without any real driver (in the case of Shanghai, to justify the price appreciattions, one would expect buildings to be filled to the seams with people waiting on the streets with money in their fists to buy homes). Anyway, the end has come for the Shanghai real estate market. According to the LA Times in an article a week ago, housing values are plummeting and people are suing development companies to get their deposits back on yet-to-be-built condos. The LA Times is trying to parallel the chinese market to the LA housing market. I think we're just about rounding the corner there. I mean, when I talk to anyone I know down in La Leezy and ask about old high school buddies, most of them are doing mortgages or some other real estate related role. What's that I hear? Prince?
say say two thousand zero zero party over,
oops out of time
So tonight I'm gonna party like it's 1999 (all over again)
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