Bill Belew has raised 2 bi-cultural kids, now 34 and 30. And he and his wife are now parenting a 3rd, Mia, who is 8.
Business in China is NOT always good it seems.
According to a news report, I read today the Shanghai real estate market seems to be cooling off.
Compared to last year, Shanghai has 1.3 billion square feet of MORE emptied space. That’s a space about 9 x 5 miles big!
About half of Shanghai’s new housing is not used. The reason is simple – Shanghai cities are evicting its citizens and razing their old homes to build new and better. But the prior residents cannot afford the new apartments.
The government is NOT making good on its pledge to make more affordable housing available. It sounds to me like Silicon Valley.
One report out of Beijing’s Normal University, as opposed to the abnormal one…I know they probably hear that too much, sorry….oh, the report said that at least 70% of city dwellers can’t afford to purchase new apartments.
Of the 1.3 billion square feet..60% is in the residential sector.
Let’s see…Heavy investment in property….real estate speculation…lots of construction…lots of borrowing….banks shelling out a lot of money….nobody can afford the new product….loans are defaulted on…banks go belly up….
Is this what an economic bubble looks like?
What do you think?