With Wall Street having bid real estate prices to the moon in the US (and become Spain’s biggest slumlord), and handed them happily over to willing Chinese ‘get-my-money-out-of-China’ buyer greater-fools, it would appear the Chinese (having colonized America) have found a new more attractive place to park their excess liquidity. As Bloomberg reports, at a property auction in Lisbon, Portugal last month, about 90% of the bidders for the government-owned apartments and stores on offer were Chinese. They ended up acquiring more than two-thirds of the 45 properties, with one money-laundererinvestor noting “Lisbon is cheap if you compare it with other cities.”
1-in-4 homes bought by foreigners in America in 2014 were by Chinese.. and Portugal is already at 1-in-5…
This post was published at Zero Hedge on 11/14/2014.
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