Dongdu International Group of Shanghai bought, sight unseen, two downtown icons, the David Stott building for $4.2 million and the Detroit Free Press building for $9.4 million, both at auction this September.
http://www.forbes.com/sites/gordonchang/2013/12/08/chinas-newest-city-we-call-it-detroit/
I've heard some Chinese companies for some reason like to appear 'western' and they do this by placing the company headquarters in a western city and then hiring a western CEO. But there could be many other reasons why someone would buy property.
The secret to profitability is "buy low, sell high".Quote:
Originally Posted by night-timer
Apparently China is on a money printing binge of their own, far exceeding the U.S. and Japan.
http://www.zerohedge.com/news/2013-1...s-qe-out-water
A lot of hot money leaving China. The pundits say the Chinese themselves won't be far behind.
Or print your way there. Another form of robbery. Inflation legalized theft from those on the wrong end of the stick.Quote:
Originally Posted by Hermod
To inject politics into it, runaway inflation is the answer to the national debt and to consumer debt. We could easily trivialize the national debt and free everyone from mortgage and credit card debt with a bit of 100 to 1 inflation. Sucks to have a bank account, life insurance policy, savings bonds, or annuities, but those guys are just undeserving wealthy plutocrats.Quote:
Originally Posted by Dan Wesson
That's quite an amalgam of economic concept in two sentences.Quote:
Originally Posted by Hermod
To parse and define would take some time and then probably have it dissolve into a political contest. Much like talking things Natural with someone who believes the Super Natural.
Runaway inflation didn't do much for Weimar Germany. We are experiencing the same. Not as accelerated as what happened in Germany but still the same only a lot slower. That gallon of milk that used to sell for 39 cents is still the same gallon of milk that now sells for $3.50 and may go much higher I hear.
Except for the 1970s, we have had a gradual inflation [[supposedly the economists feel that a slow and steady rate of inflation is good for the economy.Quote:
Originally Posted by Dan Wesson
When i got married in 1961, I bought a life insurance policy, the proceeds of which would have bought a nice house. By 1978, it would barely suffice to buy a nice car.
That is why I worry that some day, the gummint might just decide to print their way out of the national debt.
The money we owe the Chicoms is denominated in dollars and they don't dare call it in for fear the US might hand them a few trillion dollar bills that were run off last Friday in the US mint. Weimars problem was that their reparations were not denominated in marks or they could have printed their way out of the crisis..
Hermod, which is exactly why the Chinese are pushing for doing away with the Dollars World Reserve Currency status. Are you familiar with SDR's?
Recently the Yuan/Renimbi has surpassed the Euro as the worlds 2'nd means of exchange currency. Shanghai and Hong Kong have just signed an agreement to create an exchange solely using the Renimbi.
If the USA loses the Dollars status as World Reserve Currency, we too, will not be able to print our way out the this mess. The TPTB that we as a nation of peoples gave consent to have done us no favors or the world for that matter by being so cavalier with the responsibility of maintaining the confidence and trust in the U.S. Federal Reserve Note.
Thanks a lot for the lame information and deja vu. How about typing your point in the "search site" at the bottom of the page before starting duplicate threads??Quote:
Originally Posted by Dan Wesson
You repeated a thread about the Forbes article started 4 days before yours. http://www.detroityes.com/mb/showthr...all-it-Detroit
And I remember reading on here about the Stott and Free Press building being sold to Chinese investors back in October here http://www.detroityes.com/mb/showthr...tott-buildings
Nothing new.
Thanks for the admonishment Dave. I will attempt to attain that level of awareness and diligence that you expect from folks who post here.
Are you a moderator on this forum?
If so could you remove the thread that offends you, it seems that I am unable to do so. http://www.hvacproforums.com/styles/...es/bowdown.gif
Hey Dan, since you're relatively new here... welcome! :)Quote:
Originally Posted by Dan Wesson
Good lord no... Dave is not a moderator here! The admins will just move your post for you [[forumers don't have merge capabilities)... and they're good about not judging people for duplicate posts.
Some posters here have a total lack of tact, and one can easily mistake them for someone important on this forum... ;)
No one's important here; we're all equal on this forum. But, not everyone here has a lot of time on their handsQuote:
Originally Posted by Gistok
And, no, the posts often don't get moved. Case in point, Chinese buying these two properties started in October. The Forbes article got it's own thread a week ago and then this same thread is already floating around for a few days now.
To read the same posts over and over again with new people using the same arguments and points in multiple threads, I sense this is gonna be another interminable "Why don't we have another big box retail downtown?" thread that's started by a new person every few weeks followed by a bunch of posters agreeing that something is wrong with the system. I spent dozens of posts in one thread explaining it's based on an algorithm of average household incomes within a couple mile radius. Then someone starts the same thread again with new posters saying the same sh-t again, which is unnecessary if everything was kept under one thread.
I end up skipping half the threads here because it's pointless responding to anything anymore.
Yes. Once Dave's Second Law of Retail is declared, all discussion must end.
davewindsor... making more new friends on Detroit Yes.
We should be glad anybody is buying anything in Detroit.
Quote:
Originally Posted by downtownguy
Think about all of the 40's being sold.Quote:
Originally Posted by daddeeo