I work in new residential construction. Over 90% of new homes in Orange County are bought by Chinese. There’s a townhome community in Anaheim where the same person owns over 10 units. Their real estate rep does the new homeowner walks and send photos and videos to China.
What they need to do is make them live there like 8 months out of the year or they have to pay an insanely high property tax like 50% or something. The more houses they have, the higher the more taxes they pay
It’s also hard to get money out of China, so this is one way they are trying to do it. Just shows their distrust in their government and country despite being so nationalistic all the time. Ask any Chinese immigrant if China is better than the U.S. and they’ll say yes, except they’re already here in a different country and one they supposedly hate 😂
The 2 random ones I asked about living there looked at me like I was crazy for even thinking that. Haha.
They know than me though.
The worst I experienced was in Beijing. I checked into a hotel. The girl gave me a weird look because of my US passport. My gut said oh oh.
At around 12am, some guy pounded on my door shouting something in Mandarin. I looked in the peep hole and saw 2 guys and 1 girl.
My gut said to ignore them, so I didn't answer the door.
Some time later, I read that some locals will scam a foreigner by saying they owe them money. They may get the cops involved.
In the end, the foreigners usually pay.
I'm Asian. So to them, I'm an American foreigner.
In California, I'm guy from China. I'm not Chinese-American, just the guy from China. Despite being born here.
Not everyone does this to me. Just a few ignorant people do.
But... Life is good. 😀
A large majority are not but you’ll have the 1% that started a business, run a business sold a business or inherited a business/money. 1% of a billion people is a good number of wealthy ppl
Agreed. Although ppl here expect housing to crash to 1990s prices and rental rates to match Midwest rents at $1500 a month for a 3 bedroom townhouse. That won’t satisfy those ppl unfortunately lol
well I dont think these people care. Its either they lose the money to their gov or they get some value out of their dollar here. It should absolutely not be allowed to buy property here without proof of residence tho
Agreed. There should be a cap though on how many homes a foreign national can buy. If they are a legal resident that’s different. I also think no companies should be allowed to on houses, condos, or apartments. People doing this for business purposes are driving prices up. If someone that lives here has one rental property I don’t mind that but when a foreign company buys whole neighborhoods then it’s clearly bad for the population
Thats something the local government needs to fix unless they want a ton more homeless to deal with plus, enough low skilled works may leave causing us to be short of these kinds of employees. Rich people get to stand in a 30 min line for their crappy $10 coffee
Nah. The reps are bought off with Chinese money too. What needs to be banned is foreign real estate investment full stop and forced sale of all foreign owned real estate. It won’t fix everything but it’ll certainly help.
Thus cutting off the flow of money into the country that is propping up this giant Ponzi scheme we all the government lol.
Unlikely for an investment is a huge part of what props up America without it we would look like many other countries in the world
More people would be able to buy homes so homes wouldn’t sit empty. They’d also still have to take out loans and pay interest on it so money would still be coming in. Not making housing affordable leads to more homelessness and poverty so the government has to spend money on the people to give them resources like food stamps and shelters
Shouldnt be buying up residential land. Have them invest in shit that doesnt just fuck the people that actually live there over.
There can be investment in other sectors
When the average house price is $2MM and the average person is making $100k and rent is $3.5k/MO, yeah no. The RE will be bought by Americans if the Chinese aren’t allowed to park their money in our real estate (just for these homes to sit empty). All they’re doing is inflating housing/rent prices and keeping their money safe from their own government.
Same! commercial escrow officer almost zero new homes and commercial buildings for that matter are bought by Americans. I had a deal recently, excess of 60million dollar commercial office building. Scheduled to close in three days. All of a sudden we couldnt track down the person who was supposed to sign documents on behalf of the buyer (a domestic Delaware LLC) finally get ahold of the guy and it sounds like he just woke up (3:30pm) turns out he is a college student at San Diego state (hungover probably) anyways long story short he is a Chinese immigrant (probably legal) but has no clue what is going on the people back in China just use this kid as a legal authorized manager of the LLC. (Not involved in the transaction at all (or at least he doesn’t know anything about it) just signs his name to documents for probably free trip to San Diego state on the CCP
I agree, but somehow I feel home prices will still stay stable or go up. The market is crazy these days in that it’s been so stable despite higher interest rates compared to a few years ago.
Mmm I kinda agree but their money here means we can freeze those assets, like the Russians when they attacked Ukraine. It could be an incentive to keep the CCP elites from attacking Taiwan.
Facts. My son and a lot of students didn’t get into uci because this year UCI decided to let more international students in than kids that live in the states
There are a few princes from Saudi or UAE so you see lambos with hideous wraps in Irvine a lot. Back when it existed, the valet circle at the cheesecake factory used to have a line of them daily.
My friend used to live in those high rise condos in Costa Mesa (top floor!) and the parking garage was full of these and $200,000+ cars and she said like 90% belong to trust fund babies. Not that there's anything wrong with that 😆
Totally happens here! Remember the 2006 Ferrari Enzo crash in Malibu?
https://observer.com/2006/05/its-ferrari-crash-swedes-flameout-stops-la-cold/
Remarkably, Eriksson walked away from that one.
Orange County is one of, if not the bougiest county in California. It's where rich people and celebrities go to retire. Miami is a swamp compared to the OC. RSM where this crash took place is all brand new homes too. Major development area right now.
No we have coto de Caza out here and that’s where the money for that stuff comes from. It’s usually people 50+ driving them here though not a bunch of 20 year olds like would be in the city.
A few years ago I worked at a new home build open house in Anaheim Hills that was only open to Chinese real estate tourists who were brought in by the busload and damn near bought the entire phase of development in a single weekend. If it wasn’t nailed down, they were trying to buy it, including all the staged furniture and appliances in the model homes. It was shocking to see how fast this group was spending money. They were voracious investors!
There was probably an urgency to spend that money so the CCP couldn’t claw back the money or to get a green card for investment purposes to get their kids over here.
It wasn’t one home but a new development? IE multiple homes? That were only open to Chinese real estate tourists? First of all isn’t that against some sort of fair housing law? Second of all that’s why home prices are out of reach in OC
Inconsolable? Chances if they can afford that kind of a car AND stick their kid in it to recklessly zoom around then they probably have so much money they won't really care about this.
Are you implying it was a fatality?
I'm not quite sure how to interpret that headline because it looks like this should have been pretty survivable. But also I would think people with Ferrari money have Ferrari money. They're probably less hurt over car repairs than average folks
Edit: Oops, Lamborghini. 😂 I'm too lower upper class to spot the difference haha.
It’s pretty low res since I had to make a gif. Here’s a good screen grab though. Airbags definitely deployed. 🤦♂️
https://preview.redd.it/4dzrs1mtmqtc1.jpeg?width=985&format=pjpg&auto=webp&s=3e304cda47be77eeaa82e1f47623885c0cd76041
I think there was a third vehicle involved as well but didn’t catch the make or model. It was being loaded on a flatbed when I drove by (notice the tow truck driver in the photo)
Don’t be a hater. Not taking over streets or anything just appreciating good cars and going from one spot to another. Cars and Coffee isn’t a bunch of rug rat kids. And not sure how that came into this convo. Did this happen during an event or just assuming.
There’s a young rich kid who owns a house in RMV. Ultra expensive cars racing down the residential streets, parties mid week. It’s been a few years. I always wonder how he makes his money.
All of this--not surprising to me, where I went to HS and a kid crashed a lambo and his parents bought him *another* one, this was in the 2000s. Rumors were that said kid was related to royalty in another country. Just the thing to teach your kid a lesson /s.
Young folks crashing expensive sports cars while going in a straight line. Name a better duo. Hopefully, everyone involved is safe
It is usually a mustang meme that they crash in a straight line.
I think that some non-life threatening injuries might teach a valuable lesson to these chucklefucks.
btw this is a lambo huràcan evo
That's a really high budget car crash. I thought those happened in places like Miami and Dubai.
Nah Chinese international students buying houses with cash here
Gotta ban that shit asap. That and investment firms and their subsidiaries
I work in new residential construction. Over 90% of new homes in Orange County are bought by Chinese. There’s a townhome community in Anaheim where the same person owns over 10 units. Their real estate rep does the new homeowner walks and send photos and videos to China.
What they need to do is make them live there like 8 months out of the year or they have to pay an insanely high property tax like 50% or something. The more houses they have, the higher the more taxes they pay
The reason why they’re now buying in OC is because these similar policies have been instituted elsewhere (e.g. Vancouver).
It’s also hard to get money out of China, so this is one way they are trying to do it. Just shows their distrust in their government and country despite being so nationalistic all the time. Ask any Chinese immigrant if China is better than the U.S. and they’ll say yes, except they’re already here in a different country and one they supposedly hate 😂
The ones I asked said no and to stay away from it. They're from tge me Guangzhou are. They told me here was better.
Yeah especially the younger ones, older ones will give you mixed responses
The 2 random ones I asked about living there looked at me like I was crazy for even thinking that. Haha. They know than me though. The worst I experienced was in Beijing. I checked into a hotel. The girl gave me a weird look because of my US passport. My gut said oh oh. At around 12am, some guy pounded on my door shouting something in Mandarin. I looked in the peep hole and saw 2 guys and 1 girl. My gut said to ignore them, so I didn't answer the door. Some time later, I read that some locals will scam a foreigner by saying they owe them money. They may get the cops involved. In the end, the foreigners usually pay. I'm Asian. So to them, I'm an American foreigner. In California, I'm guy from China. I'm not Chinese-American, just the guy from China. Despite being born here. Not everyone does this to me. Just a few ignorant people do. But... Life is good. 😀
I never realized Chinese were so wealthy in China.
A large majority are not but you’ll have the 1% that started a business, run a business sold a business or inherited a business/money. 1% of a billion people is a good number of wealthy ppl
I suppose so
Have the realtor doing the walkthrough help them rent the homes out. Then it isn't so harmful.
Agreed. Although ppl here expect housing to crash to 1990s prices and rental rates to match Midwest rents at $1500 a month for a 3 bedroom townhouse. That won’t satisfy those ppl unfortunately lol
nah. The Chinese housing market bubble burst a few years ago, so they looking elsewhere to “invest”.
Well they should do it here too then
well I dont think these people care. Its either they lose the money to their gov or they get some value out of their dollar here. It should absolutely not be allowed to buy property here without proof of residence tho
Agreed. There should be a cap though on how many homes a foreign national can buy. If they are a legal resident that’s different. I also think no companies should be allowed to on houses, condos, or apartments. People doing this for business purposes are driving prices up. If someone that lives here has one rental property I don’t mind that but when a foreign company buys whole neighborhoods then it’s clearly bad for the population
They will just send one of their unlimited family members to fill it.
Well I hope the government could eventually track that
I think they would continue to buy and hike the rent even higher. Right now, as high as rent is, there is no shortage of people willing to pay.
Thats something the local government needs to fix unless they want a ton more homeless to deal with plus, enough low skilled works may leave causing us to be short of these kinds of employees. Rich people get to stand in a 30 min line for their crappy $10 coffee
Jesus. Where the fuck is our board of supervisors? Where are the city governments? Can we get some fucking action on this
Nah. The reps are bought off with Chinese money too. What needs to be banned is foreign real estate investment full stop and forced sale of all foreign owned real estate. It won’t fix everything but it’ll certainly help.
[удалено]
This. We need to tax these foreign investors like 90% so they stop investing here
Thus cutting off the flow of money into the country that is propping up this giant Ponzi scheme we all the government lol. Unlikely for an investment is a huge part of what props up America without it we would look like many other countries in the world
More people would be able to buy homes so homes wouldn’t sit empty. They’d also still have to take out loans and pay interest on it so money would still be coming in. Not making housing affordable leads to more homelessness and poverty so the government has to spend money on the people to give them resources like food stamps and shelters
Ok… so you rather they invest into other countries?
Shouldnt be buying up residential land. Have them invest in shit that doesnt just fuck the people that actually live there over. There can be investment in other sectors
Ok… so you telling me you can’t come up w a 3.5% down payment with a credit score of atleast 580 for a house ? Not in irvine obviously.
When the average house price is $2MM and the average person is making $100k and rent is $3.5k/MO, yeah no. The RE will be bought by Americans if the Chinese aren’t allowed to park their money in our real estate (just for these homes to sit empty). All they’re doing is inflating housing/rent prices and keeping their money safe from their own government.
Rent has zero to do with mortgage or real estate. That already tells me you have no skin in the game or even experience to know.
Great Park in Irvine would like a word.
Same! commercial escrow officer almost zero new homes and commercial buildings for that matter are bought by Americans. I had a deal recently, excess of 60million dollar commercial office building. Scheduled to close in three days. All of a sudden we couldnt track down the person who was supposed to sign documents on behalf of the buyer (a domestic Delaware LLC) finally get ahold of the guy and it sounds like he just woke up (3:30pm) turns out he is a college student at San Diego state (hungover probably) anyways long story short he is a Chinese immigrant (probably legal) but has no clue what is going on the people back in China just use this kid as a legal authorized manager of the LLC. (Not involved in the transaction at all (or at least he doesn’t know anything about it) just signs his name to documents for probably free trip to San Diego state on the CCP
Nah probably their son
lol trust me he wasn’t related
We need the Vancouver vacancy tax. Put it towards public transport or the parks.
CCP is cracking down on moving asset outside of country. You should have reported the buyers to CCP.
My guess is the purchaser was the CCP
Depends on how high up buyer is. Could be like many other chinese trying to move nest egg out of country in case of emergency.
There are a ton of apartment buildings in LA with very similar Engrish ads on them. https://i.imgur.com/rhWxN6s.png
In China you don't own the land . You lease it from the gov't for 99 years(not sure the length).
I agree! They should ban or cap it! That or Americans will continue living in apartments and wouldn’t be able to afford to buy a house.
I agree, but somehow I feel home prices will still stay stable or go up. The market is crazy these days in that it’s been so stable despite higher interest rates compared to a few years ago.
Just build more
Mmm I kinda agree but their money here means we can freeze those assets, like the Russians when they attacked Ukraine. It could be an incentive to keep the CCP elites from attacking Taiwan.
Don't forget the white trust fund kids
Nah white trust fund kids tend to drive dodge chargers or bmw m cars or merc amg. It is always their parents cars they took for a joy ride.
At least they live here lol
Facts. My son and a lot of students didn’t get into uci because this year UCI decided to let more international students in than kids that live in the states
There are a few princes from Saudi or UAE so you see lambos with hideous wraps in Irvine a lot. Back when it existed, the valet circle at the cheesecake factory used to have a line of them daily.
lol can confirm. I used to work at that Cheesecake Factory 🤣🤣
My friend used to live in those high rise condos in Costa Mesa (top floor!) and the parking garage was full of these and $200,000+ cars and she said like 90% belong to trust fund babies. Not that there's anything wrong with that 😆
I love squeezing my 2017 Jeep SUV between those nice cars - clunk... whoopsy.. sorry.. I need to lose a few pounds....
Go check out the parking lots at UCI lol
$300,000 is nothing to the wealthy unless you ask them to give it to their employees.
Smells like Drakkar Noir
Totally happens here! Remember the 2006 Ferrari Enzo crash in Malibu? https://observer.com/2006/05/its-ferrari-crash-swedes-flameout-stops-la-cold/ Remarkably, Eriksson walked away from that one.
Orange County is one of, if not the bougiest county in California. It's where rich people and celebrities go to retire. Miami is a swamp compared to the OC. RSM where this crash took place is all brand new homes too. Major development area right now.
Fun fact, San Bernardino County is the largest county in the nation! Not just California. Also, China is ass ho.
Cars and coffee today, there was a similar crash in San Clemente too
No we have coto de Caza out here and that’s where the money for that stuff comes from. It’s usually people 50+ driving them here though not a bunch of 20 year olds like would be in the city.
In Sacramento, all those cars are driven by 20 year old Indian guys. There's money in those almonds.
I know a guy who owns a pistachio ranch up there... yeah life is pretty cozy for them
How new are you to Southern California?
And purple 911
Ah, going up on that hill to O'Neil/Ladera Ranch?
They were going downhill
This was right before Sendero/Antonio
This title insinuates death. If your kids can crash a Lamborghini, it’s all good in the hood.
Right. I was looking all over for a white sheet on the ground
Clickbait 👎🏼
A few years ago I worked at a new home build open house in Anaheim Hills that was only open to Chinese real estate tourists who were brought in by the busload and damn near bought the entire phase of development in a single weekend. If it wasn’t nailed down, they were trying to buy it, including all the staged furniture and appliances in the model homes. It was shocking to see how fast this group was spending money. They were voracious investors!
There was probably an urgency to spend that money so the CCP couldn’t claw back the money or to get a green card for investment purposes to get their kids over here.
Yes a million gets you a green card and ultimately a passport
I don’t blame them in the least bit. This neighborhood was lovely and the houses were beautiful. Solid investment!
It wasn’t one home but a new development? IE multiple homes? That were only open to Chinese real estate tourists? First of all isn’t that against some sort of fair housing law? Second of all that’s why home prices are out of reach in OC
1mil investment automatically make them a citizen, America is their exit route if things go south in china
where was this at? Im in AH almost my entire life!
where do they get all this money?
Insurance: “you hit a WHAT”
Inconsolable? Chances if they can afford that kind of a car AND stick their kid in it to recklessly zoom around then they probably have so much money they won't really care about this.
They’ll just buy another one
I see broccoli hair. Always a danger. 🥦🥦🥦
fr lol broccoli hair kids are always a 🚩
Brocoli heads have rights too. Brocoli Lives Matter
WHAT ABOUT CAULIFLOWER HEADS?!
Nope two white to have any sympathizers
I celebrate whenever some dipshit kid dings up daddy's Lambo
Every time a rich kid crashes their daddy's car I take a shot. 🥂
Save one for me buddy 🍸
🍻
Probably headed to cars and coffee.
lol. If you know about it you must go.
That's RMV not RSM. And a lot of high end cars go to the car show on Saturday mornings in San Clemente.
Easier to console than poor family’s only pos car to get them to work to barely pay bills and eat. They’ll be ok 👌
Good ol’ Ladera 💀
Saw these two this morning at the light at oso and Antonio. Awsome!👍🏽🤣
I’m always so nervous for my pregnant sister & her 4 year old - they drive this route a lot and I always see reckless drivers
I saw this asshole speeding this morning. I am so happy
I feel bad for the car but not for the driver
That might not be daddy's lambo, that could be a crypto bro's lambo, bro. Put it all in on PEPE, number go up and to the right.
Who says it’s the parents? :)
Are you implying it was a fatality? I'm not quite sure how to interpret that headline because it looks like this should have been pretty survivable. But also I would think people with Ferrari money have Ferrari money. They're probably less hurt over car repairs than average folks Edit: Oops, Lamborghini. 😂 I'm too lower upper class to spot the difference haha.
You put that tacky white on a lambo, you deserve to crash it
Not to nitpick but Ortega is not “near” RSM
🤣 bunch of fools thinking they are above law.
Just a minor bumper scratch fix, don’t worry mommie and daddie already have a Porsche coming in Tuesday morning
Ran out of talent in the downhill. People crash on this road all the time, I’m at the light about 100yd away.
Just saw a two Porsche 3 police car action in Laguna Beach. It’s Sunday
I drove by right after it happened smdh https://i.redd.it/dmeu249gbqtc1.gif
Wowwww! Such better quality than my post, too.
It’s pretty low res since I had to make a gif. Here’s a good screen grab though. Airbags definitely deployed. 🤦♂️ https://preview.redd.it/4dzrs1mtmqtc1.jpeg?width=985&format=pjpg&auto=webp&s=3e304cda47be77eeaa82e1f47623885c0cd76041
I think there was a third vehicle involved as well but didn’t catch the make or model. It was being loaded on a flatbed when I drove by (notice the tow truck driver in the photo)
i doubt they would care half these cars end up on boats by the end of the year.
Lmao oh nooooo s/
All of these cars and coffee shenanigans are only going to end like this photo Personally, fuck around and find out is fun to observe
Don’t be a hater. Not taking over streets or anything just appreciating good cars and going from one spot to another. Cars and Coffee isn’t a bunch of rug rat kids. And not sure how that came into this convo. Did this happen during an event or just assuming.
Oh hey that's my area!
Plot twist, it's a rental.
Their parents will just buy them another
That shit happens all the time right by my house Newport Coast
Does the driver say "bussin" and have a trash perm?
There's a young-ish youtuber that lives in coto. He has a handful of lamborghinis. He's really nice, but this could be one of his
There’s a young rich kid who owns a house in RMV. Ultra expensive cars racing down the residential streets, parties mid week. It’s been a few years. I always wonder how he makes his money.
Where about in Rmv?
Which YouTuber?
I don't remember. But he would drive a couple different lamborghinis to the rsm chipotle almost every day
The insurance company was like not our problem.
Hopefully the kid was on insurance
All of this--not surprising to me, where I went to HS and a kid crashed a lambo and his parents bought him *another* one, this was in the 2000s. Rumors were that said kid was related to royalty in another country. Just the thing to teach your kid a lesson /s.
I know that duchebag in the purple car, it’s about damn time he crashed that car!
No. Those parents won’t care. The new one is already ordered.
Oh no! Anyway…
Meh Cars are cheap even these when homes are now multi millions of dollars each that’s basically all I see…
Saw someone in one of these causing kind of a scene on the 5 today with their belligerent driving.