January 28, 2016 Leave a comment
Interestingly these properties were paid for by end-buyers with savings and there are no mortgages on them.
And there are stories of the Chinese cashing in these properties and buying others in the US.
Stuck by the similarities with the Japanese idea of saving in houses to fund retirements. Unfortunately things did not pan out as projected. With a glut in houses, prices didn’t go up as projected and an ageing and dwindling population further reduced demand for houses.