Loan Defaults, Housing Prices Plummet, No Buyers in China! Many Rush to Buy Thai Properties
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- Опубликовано: 24 авг 2024
- Chinese buyers purchased 6,614 apartments, totaling 34 billion baht (about 927 million US dollars), accounting for nearly 46% of the total apartments sold in Thailand. This has made them the largest group of foreign buyers and boosted local property demand to pre-pandemic levels.
#chinaobserver
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The Thai will regret letting them in
Thais aren't stupid. Their 49/51 law is designed to protect their own citizens. The regret will be the Chinese for investing in Thailand.
We are already did, but our corrupted government officials are selling our lands to the Chinese.
They'll be surprised when the learn about the new Thai law that any money they bring into the country will be subject income taxes regardless of where it came from or whether it was already taxed in their home country.
for sure.
Europe is regretting letting in Islam
As I am in Thailand now I can say there has also been an increase in the number of Chinese scammers coming here too. They've been scamming Thais out of lots of money. Many have fled to Cambodia. I hope they stay out of Laos. Thailand will not be so friendly to them if they keep up this behaviour.
Actually, they've using Cambodia/Burma as their base of operations, and using them to scam people's money out of it before launderring them, clean, to other places like Singapore - based on a recent high-profile case in Singapore.
That’s what they did in the Philippines. They set up sophisticated operations solely for scamming and illegal online gambling. They have for “Chinese only” restaurants and establishments which angered the locals. They think they own the Philippines and do whatever they want. Fortunately, Philippines is now tightening visa process and removed visa upon entry for Chinese nationals.
Same here in the Philippines. Mainlander chineses dominate the offshore gaming operators, however most are operating illegally underground, such human trafficking, money laundering, illegal immigration and imployments, kidnapping and other violent criminal cases. Philippines is now deep into this mafia organization. Surprisingly, many Chinese nationals are holding Philippine passports illegally. Now we have huge problems with them. Just recently we deported 163 mainlanders. Other Asian countries beware.
Not only in thailand
I think they are now in every asian country
These scammers are gonna break the entire southeast when they’ve already gone through so much
Everywhere Chinese buyers/investors go it ends in a total mess. It’s a beginning of the end of Thailand. Eventually local people cannot afford anything, pollution and corruption will be worse in all areas, scammers will be more rampant, social moral and charity will be non-existent.
They're now starting to flock to various southeast asian countries. The boat is sinking and now they're swimming to another
How did you know? Who told you?
@@siewkonsum7291, he obviously lives in a country with no block out of news.
@@siewkonsum7291 It's everywhere. Even a naked eye can see the obvious from it?
I agree. And, it's already making them pretty edgy from it.
@@leapdrive will the USA corruption index plunge deeply like Iraq, Indonesia, Venezuela and many non-uSA allies when the USA allies accused them for being corruption without any evidence?
Obviously, corruption index is a corruption tool for the USA to change a regime they don't like.
I went to work in China as a teacher back in 2015 and all my Chinese colleagues were mortgaged to the hilt, even back then. They weren't earning much but had bought really expensive apartments. It reminded me of the US subprime situation but I wondered if the CCP could manage thing better. Turns out not.
The CCP will manage things better, said no one ever. 😂
These stories of them buying property sound insane. Why would any human put themselves in such a dire situation?
To me, it was obvious since 8 years that we probably would have some sort of reset. The only other way it could have been resolved would have been hyperinflation, but I think that won’t happen. People can’t afford current prices. So they clearly can’t afford even higher prices
@@K.R.98 A lot of workers Out of a job in FL. Some still going up BUT for how long??
@@jimshoe402 that's Florida not the rest of the US.😁
@@jimshoe402
Yes, I know that loosing a job can be an extreme financial stress.
I my opinion everyone should plan out their loan for the worst case scenario they could come up with and then plan with 20% more than the worst case.
I was shocked to hear that most people buy cars on credit. I‘m the type of person that rather would save for a couple of year and then buy it with cash.
When you take a loan, you end up paying far more for the same car. Also it isn’t cheap to maintain a car. Insurance, repairments, gas etc. everything costs so much that you can’t pay down the loan quickly.
Oh boy. As it is most local Thais cannot property in Bangkok, and now having to deal with Chinese buyers buying up everything, pushing prices up, pushing locals far out, and replacing Thai language with Chinese. Expect this to backfire in time.
Poor Thailand, vast Chinese locust devour through condo market left jack up price surge and most Thai people can't afford.
now expat have to leave Thai for other country.
You nailed it.
@@brotherowl Did that in Canada and AUS $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Yes there are a lot of rich people in china that bought properties in US and jacked up the house prices. When I was a student in college, most of the international students were from China and in HK driving expensive cars to commute to school just to give you a perspective on how rich a lot of citizens are in China. You think maybe white people has a lot of money? Well, think again, thats only in the movies.
Hoping the Thai up their immigration policies before it’s too late.
The influx in money is a good thing because it helps increase the economy. It just has to be regulated properly. Authorities need to be strict on corruption. Authorities need to be strict on crime. Tax the construction development well and use the money to improve community services and parks.
Good luck to Thailand. When the dust settles. Wait for it.
Too many Chinese scammers
For sure !
@@user-ei1ct4gn7s will the USA corruption index plunge deeply like Iraq, Indonesia, Venezuela and many non-uSA allies when the USA allies accused them for being corruption without any evidence?
Obviously, corruption index is a corruption tool for the USA to change a regime they don't like.
I must be missing something, I thought the Thai were against Chinese ownership ?
Thailand needs to kick them out
hould show em the door to hell
WHY?
Thai police are VERY GOOD.
No
@@markdowse3572 will the USA corruption index plunge deeply like Iraq, Indonesia, Venezuela and many non-uSA allies when the USA allies accused them for being corruption without any evidence?
Obviously, corruption index is a corruption tool for the USA to change a regime they don't like.
“Thailand needs to kick them out” coming from someone who doesn’t live in the southeast asian region lol
6:54 Despite the law. Chinese are crazy to invest in Thailand! Foreigners don't own anything outright in Thailand!
Even in Philippines, foreigners can't own any land property beside condo according to the law. Yet there's a lot of Chinese that are able to own property because of too much corruption in Philippines.
Chinese can buy Ph Passport and Birth Certificate making them a Filipino by documents because of those corrupt government employees that wanted instant money. so they are able to buy lands and even Islands.
I hope this doesn't happen in Thailand.
They cannot have their names on the deeds directly. But they can inject cash through agents or nominee to procure lands with commissions. It's already happening and it's probably going make local socio economy to face harsher times than tomyum Kung crisis.
The Chinese don't own anything outright in China either so they are used to it.
Like when the CCP claims 51% of all companies? It's a better master than they came from... they hope.
@@trumanReficuL_fieldofresonance Yes, they can be majority owner but not 100% owner.
More countries need to up their immigration policies fast to avoid this situation. An influx of Chinese could destroy their economy.
I'm from Thailand. PLEASE DO NOT FLOCK TO THAILAND AND BUY UP EVERYTHING! Does your money still have value in other countries IF it's not traded internationally??
All the evil is coming back on them.
GG
It’s the Evil of the CCP i feel bad for them but at the same time they should have known
@@johnbaran577 the people chose to embody that evil and bring it with them everywhere they go.
@@johnbaran577 will the USA corruption index plunge deeply like Iraq, Indonesia, Venezuela and many non-uSA allies when the USA allies accused them for being corruption without any evidence?
Obviously, corruption index is a corruption tool for the USA to change a regime they don't like.
Yea there are multiple sayings of it from different faiths.
"what goes around, comes around"
"You will reap what you sow"
"belief in karma in Hinduism."
Chinese can't buy property in Thailand, only Condos. Thailand is a country where money and power speaks for you. Chinese on student VISA for 10 consecutive years is common. Buying houses via backdoors is also common.
Sure is ! ....
China's motto: If you can cheat, then do it.
The costs in Thailand will rise and locals will be unable to afford anything as before.
There are many chinese settlement in this country already.
I wonder what the real citizens of Thailand thinks of the influx of Chinese in their country. I hope they dont bring in their criminal activities in Thailand like what is happening in Cambodia or the Philippines or Singapore (the biggest money laundering scam USD $2.2 Billion caught in SG).
Chinese mafia is already established in Thailand
The money laundering case in SG is now at least $3 Bil?
@@user-pb9vs1ms6p You are correct. The amount of assets seized included the money laundered was USD $300 Billion. The money laundered itself was USD $2.2 Billion
The recent stock market collapse in China is causing a lot of panic and economic turmoil. it's crazy! I read that the government had to intervene with a massive 2 trillion yuan bailout facility to stabilize the situation.
This is definitely a challenging time for the Chinese economy. I think they need a comprehensive solution to address the root causes of the issue.
Do you think a financial advisor (FA) could provide a solution to this crisis? It seems like they might be able to guide individuals and companies through these uncertain times.
Absolutely! An experienced financial advisor could play a crucial role in helping businesses and investors make informed decisions during such market downturns. They can provide strategic advice, portfolio adjustments, and risk management strategies.
You're right mate! I've been using a fin-market expert for two years now and I own a 7figure diversified portfolio from investing in stocks. Currently, my portfolio is worth over $900k
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
The lesson here is don’t finance things you can’t afford
More like don’t fuck with the Democratic countries who supplied your citizens with jobs
Had to laugh when one of the reasons given to move to thailand was the weather. Ever been to Thailand? Its seasons are scorching hot, clammy and extremely hot, hot and monsoon rain, and 3 months of acceptable weather. Oh...and the burning season means you will likely be sick from respitory illnesses.
lol same here, it made the entire report a bit untrustworthy
Đó là bạn chưa biết thiên tai ở Trung Quốc như lũ lụt, hạn hán, động đất, nhà đậu phụ sập bất cứ lúc nào, núi lở, .....
It's something I've been concerned for past few years. It's only going to get worse for local socio economy.
Sounds like they are surprised that initial mortgage payments go mostly to paying interest rather than to reducing principle.
I don't understand why Chinese people "buy" apartments/houses. They can't even own their apartments or houses.
It's an Asian culture to own rather than rent, maybe.
It’s so easy to buy property in Thailand but hard to sell
Thailand property was already in bubble .. lol .. now it will get worse... There is no secondary market in Thailand. You can buy but you can never sell. So we are expecting the property bubble to break again.
Correct.
There are social costs with the influx of Chinese to Thailand. I hope Thailand will not regret it.
From what I've seen they just live in the condos and don't go any where but the malls.
A lot Chineses live in Thailand since the old days. So things didn't change much.
Thailand will regret it... no doubt.
greed and stupidity lead to the real estate bubble. So while this is really sad on a peoples level, many were ringing the alarm bells for years, but no one listened ... So yes. they have to bear the costs and consequences. When you "win" you never complain. Keep your mouth shut as well when you deemed stupid and loose everything because you did not to your doe diligence.
Bank is well protected in China but the defauters were screwed , it is very vicious world for ordinary people
as a Thai a lot of Chinese and Russian flew to my country, somebody good /somebody extremely bad 😢
Seems that citizens from all countries are trying to escape their corrupt governments and failing systems, but end up in similar situations. It seems like most countries around the world are in bad shape.
This is how interest works. Did these people not go to school? Go buy a TI83-84 calculator and calc your own interest. NOOOOOBS!
Welcome to property prices doubling in Thailand
Senior citizens with homes can not move to Thailand to prevent becoming homeless.😢😮
Chinese emigres to Thailand will cause a property bubble there.
You will own nothing and be happy
It’s happening every where
New World Order. 😱
Everywhere!!
Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Mrs Christy Fiore ❤️
Hallelujah! God still works wonders, I place myself in position for such miracles and testimonies 🙏
Same, I met Christy Fiore last for the first time at the conference in Manchester, after then my family changed for the best, God bless Christy
+134
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Never rush to take on a financial risk without completing due diligence. Please do homework on the market and exonomy before buying! 👍
Uh-oh.....you messed up Thailand now you're next on the list for reunification after Taiwan.
It will be.... oh yeah,...you were Chinese 2 billion years ago,....yeah, it's time to come back.
Yes when you borrow you pay interest - shock shock
The advice should be" dont but a home you dont intend to live in" these people keep buying homes in the corner of nowhere with nothing nearby and wonder why it depreciates when even they dont go live in it.
You got to just leave China because CCP is not going to help anyone…😂😂😂😂😂😂😂😂😂😂😂😂even investors are leaving because the country is turn into corrupt swamp…😂😂😂😂😂😂😂😂
The correct term is LEASE not mortgage! (70 years max)
Mortgage implies OWNERSHIP!
In China NO ONE can OWN property!!
No one knows what will happen when the 70 year lease ends! (It just hasn't happened yet)
How is that possible? What's the point in "buying"?
This is the problem of spending future money now and with interest. Live within your means people.
Buy a car is the worst investment, especially if they are a typically middle-income earner. I am considered a high-income earner in China, and yet l refuse to buy a car.
Xi Jinping's advice here is apt: "Houses are for living in, not for speculation". If only he had said that years earlier instead of after the formation of a massive bubble.
but many apartments aren't fit for people to live.
“Most of what I paid went to interest”. That’s a bit muddled thinking, you got to live there during that time so think of some of that money as rent.
Lots of parallels to 1932 USA when banks failed job were lost and there was no safety net. “ it’s time to buy when blood is in the street”. I plan to buy Chinese ETFs listed on the NYSE. The companies must follow SEC rules to get listed. Already own FXI.
The ccp absolutely loves their citizens being in debt.
It’s really shocking to see people don’t understand amortization table.
I got depression watching this channel and Iam not even Chinese!
Its the best time to buy if you got the cash. Pay in full if your scare of having income.
Thanks!
Asian is composition of Chinese culture, which is great. Leaving China is simple but seems difficult now, its late. Peoples are prisoner of the government
I feel really bad for the poor young people (especially 0 to 20 y.o.)
It's quite difficult to imagine, with how much pressure and rapidly growing uncertainty they have to start their lives.
This isn't a China only issue. This issue is a social issue that happens worldwide. Many have poor personal finance management. Not knowing how bank interest works and maxing out the amount of loan that one can take for House and Car with probably other spending habits that many have (spend more than earn), not surprising. Every country has the same issue.
How can they talk with a straight face? Did they rehearse?
yes, mainly buyers of condo in Thailand are Chinese.. not only in Thailand, Singapore, Philippines, Malaysia and Indonesia..
It's concerning to think about the potential loss of wealth in China, especially for the younger generation who could lose everything. I hope they can find solutions within their own country, as their behavior may not be well-received in Southeast Asian countries.
Unreal Estate!
They are buying all the condos...and actually its not cheap as stated. Plus, they are buying the small 25 m boxes that a normal person couldn't possibly live in long term, and renting them out as short stay air bnb to chinese tourists.
or hub for illegal activities
or hub for illegal activities
How are Chinese buying properties in Thailand with capital outflow restrictions?
Mainland Chinese Triads or Criminal Groups operating in some Southeast Asian countries like Singapore, the Philippines, Cambodia & Thailand money laundering billions of dollars to these countries of course for a fee to those mainland Chinese who wants to transfer money abroad. China does not allow their citizens to transfer money overseas. I think the limit as I read was equivalent to USD $50k.
The Triads help launder money for the Chinese citizens to transfer money to other countries in that region. A group of Triad criminals were caught laundering money for $300 Million dollars to Singapore.
Gonna mess up the Thai market, they have skewed the UK market, with investment money.
Thai people .. let the Chinese and Russians buy the new condos and buy them from them 75% off a few years later~~~
The Chinese buyers will discover that the majority of Thai condos depreciate in value. The resale market is terrible.
Thai peoperty is nearly wortless too!
Who would want to get into the Chinese property market? Tofu-dreg constructions and a 70 year maximum ownership F the CCP!
If you can’t pay a house with cash, then don’t do it. The economy crisis repeats cycle in every 10-15 years. If you downpayment 50%, you keep 50% cash for survival when you lose your job. Never down payment 20%, then live pay check to pay check. Being wealth first, house after.
Housing market obviousely cracking down..at some places but not all.
The Cars are being sold like a hot bread.
Can anyone (from china) please explain how it can be possible. The downtime in China must effect whole China and not only parts of it.
In Thailand, foreigners or foreign owned companies cannot own land. A condo project can be 49% owned by foreigners and 51% owned by Thais. So in a 1000 unit condo project, 501 units can be owned by Thais and 499 owned by foreigners. Getting local Thai citizens to buy condos is really the bottleneck at the moment.
The common man in China needs to give all the credit to the CCP. 😢
is this how they get people to 'you will own nothing and be happy ?'
Those two story homes, with small yards, in Thailand, look much nicer than anything I've seen in China!
As a person in the USA, I’m wondering if they don’t have truth in lending laws and regulations for mortgages. Here, everyone who gets a big loan knows that the first 1/2 to 2/3 of a mortgage timespan you mostly pay interest. As the loan grows older, you pay more of the principal.
The thing with Chinese real estate is every re market has dropped from 2021 highs you can only blame those who leveraged for financial losses. The US and European markets didn’t get hit as hard because most wealth is invested in highly regulated and trusted stock markets while China doesn’t have this
Maybe Americans should flock to china and buy up all those cheap homes with US dollars.
Also they must have crazy interest rates it seems like they pay a bunch and still never gets the principle down
FYI, they're were never worth the amount you paid. 😁
Thailand will have to regret. Chinese will create problems there.
Oh no poor Thailand
49\51 principle refers to the number of foreign ownership of the whole condo, DO NOT apply for single unit of condo.
2024 will be the best year of the next decade. The Minsky moment has just begun, and the recession will get worse from here on out. Local governments across the country will go bankrupt, and police and other public servants will lose their jobs. Next, local banks across the country will go bankrupt or collapse. One day, banks will suddenly close their counters, stop withdrawals, and freeze and lose deposits. Pension payments will also stop. All of this will happen within the next six years.
Stop paying property taxes in the US and the same thing happens
Did no one told the Chinese people that the first 10-15 years of a Mortgage is just paying of the interest? And now the people buy in Thailand, they buy on mass so the prices will go up, and Chnese people will keep buying, until the market crashes because there are to many houses. In the meantime they ruin the housing market for Thai people
Am I crazy or wearing the same clothes from 4-5 years ago isn’t that bad? Like yeah it’s nice to get new clothes every now and again but you don’t need to replace everything
meanwhile, US Banks offering 0% mortgage loans to first time buyers w/ less than mimimum wage income, again.
this is why Gold, Xau, is the definition of inflation, and the proper hedge
This is what happens in China when you cannot forward think and are greedy, I feel sorry for those people who have loaned money to friends and family to scrape together a deposit, they will never see their money again.
I only wish the assessed value would decrease. I hear in Florida they are paying 20K taxes on run down shacks because they are valueing the shacks at near $two million.
Working hard to buy a house . That you will never own, they will find a way to take it
They forclose on mortgages in China? Wow, how ‘American’!
This video is a bit misleading… foreigners can not buy ‘property’ in Thailand other than condo unit, and only if there are not more than 49% of the units owed by foreigners! Freestanding land is not possible … you can invest in a company that owners land, but that business must be very 50% Thai owned.
And yes there are a lot of Chinese in Thailand, a significant number of Thais are of Chinese heritage, especially in the north & north east.
Not sure where you go to talk to the Chinese ‘immigrants’, but Thai landed immigrant status, let alone citizenship is not at all easy …. And there are quotas by country, 2023 being no more than 150 applications for citizenship from any one country … 150 Chinese per year is not much ch of a crisis I would suggest.
China is helping connect the China/Lao high speed railway to Bangkok (then down to Singapore/Malaysia) so while Thais might think the Chinese are a bit ‘rude’ at times, they were more than happy to see them return after COVID Lockdowns.
China & Thailand have an historical and ethnic connection, not sure why anyone would think it’s any more ‘difficult’ than Canada/US/Mexico relationships?
Bad Karma
Not every property will increase in value; depreciation is more common. The guy complaining about his depreciating car was a joke. What else do cars do except depreciate when you drive them off the lot?
The Thai government has just unveiled new visa policies that would extend the stay of foreign visitors as well as exempt lots of countries from visa requirements. Chinese tourists are definitely crucial for the Thai tourism simply because of Chinese people's incessant demand for outbound travel. Unsurprisingly, purchasing foreign properties is commonplace since real estate prices have yet to bottom out. Investing in Chinese properties would a big blunder in the foreseeable future.
Of course you buy where you want to its your own business
Wait, they can't pay off the loans in China, but they are buying property in Thailand? With what?
I'm still trying to understand:
1. You buy property in China ,which you own for only 70 years.
2. The house hasn't been built, so you pay a deposit on the house.
3. But then you have to start paying mortgage on a property that doesn't exist!
4. In fact may never be built.
I can't understand that.
5. Where they get the money to buy another house is unbelievable.
Are there no re financing options
A turtle should never stick its head out in shark infested waters.
i thought china is booming in economy why its citizen is fleeing, I guess its not only happening in thailand but also in other asian country.
I wonder how many of those houses/structures are made of TOFU.
Apparently the Chinese aren’t familiar with loan amortization
We all need a fresh beginning. We have lost almost everything during the pandemic.
And who was at fault again for not informing the World Health Organization that a surge of Covid 19 is on its way to other countries through infected tourist coming from that Communist country? I lost 2 of my friends from that pandemic.
We welcome all Chinese moving to Thailand. We need more doctors and engineers in the land of smiles :)
I remember when my people made top gun maverick and they had to come up with an imitation that served their government. Talk about cringe!