Wenzhou money is now in Vancouver

[unicas]

an article from Vancouver's chinese media talked about groups of businessmen from Wenzhou are in Vancouver now and purpose of their trip is to buy properties. One agent by the name of Zhang Wei Bin of Sutton picked up 4 parties at the airport alone on Monday, the first day of the year of dragon. Starting on Tuesday, they have started to look at ocean view properties in West Van, most in $5 million range, including one at 2400 Halston Crt, which those businessmen consider very cheap, comparable properties cost 3 times more in China.

Most of you may never have heard the city. It is the birth place of current day capitalism in China and it is estimated the residents of the city have amassed over $90 billion investable capital, people from Wen Zhou are known as fierce business competitors, and fearless properties buyers. Wen Zhou housewives formed buying teams and go from city to city to buy big chunk of new development projects and sell later for profit. they are the ones who made news in 2011 to purchase some of the most expensive properties in HK (also among the most expensive properties in the world) China's ban on multible housing units have severely limited Wenzhou people's opportunities domesticly. That is why it is interesting to see where they go next.

Wen Zhou has made news lately due to a few dozen factory owners abandoned factories and ran away with loans unpaid.

[vanpro]

"Wen Zhou has made news lately due to a few dozen factory owners abandoned factories and ran away with loans unpaid."

Doesn't that contradict everything else in your post? Sounds like these businessmen are going under in droves....what "money" is left after bankruptcy? Answer: nothing....

[unicas]

So you never heard of bankruptcy in Canada, right? there are over 240,000 private businesses in that city, so a few dozen of them go bust is what you call in drove?

[hazuchan]

Oh my, the news out of Wenzhou is terrible for businesses, particularly in the private lending circles and loan sharks.

See all these articles:
http://worldhousingbubble.blogspot.com/search?q=wenzhou

VREAA also has a courtesy post:
http://vreaa.wordpress.com/2012/01/27/vancouver-re-blogosphere-watch-poster-publishes-his-annual-the-wengzhou-money-is-coming-post/

[vanpro]

So you never heard of bankruptcy in Canada, right? there are over 240,000 private businesses in that city, so a few dozen of them go bust is what you call in drove?

Also, don't forget this is the year of the Dragon, which is a sure sign that any property bought this year will flourish, especially because I understand that the next year is the year of the snake...

[Taipan]

Almost sounds like the call has gone out for the emergency services, and people will relax knowing that help is on the way. Hooray Hooray Wenzhou money is here, were all going to be saved.

[red_lantern]

Here's a story of a Wenzhou family that purchased a townhouse in Port Coquitlam (in the area of the PIcton Pig Farm)
Met a woman at T&T Market from China she looked sad so I asked her what was wrong, mercedes broken down? Broke a heel on the prada shoes? Nowhere to invest all the money? No she said it was her husbands business....a restaurant they opened a year ago it's not as lucrative as people told her it would be here in Canada. Woman said business will close down soon. She mentioned she lived in a townhouse in POCO and told me she's been feeling cold lately and feels a presence/spirit in the rooms. I told her about the farm and what happend there, she didn't belive me untll she searched it on her smartphone. THen she freaked out, she said that explains why the business is not doing well, why she's feeling the way she does. It's the ghosts. She said she was going to move, leave and go back to Wenzhou with her husband. She listed her place recently and is living in a hotel because she doesn't want to be around the ghosts. I was surprised that she was so sensitive to this but it appears the ghosts are really bad.

Hmmm, I have a great idea. Maybee we should tell all the Mainlanders about the ghosts in the homes in east vancouver and then they won't buy which would make it more affordable for the middle class. **SPEAKING WITH AN EVIL GRIN** !

[unicas]

Here are the photos of those people on Singtao Daily, I believe the bald guy is the Agent

[jesse1]

They brought along a reporter? Mmm if I were a savvy businessman I would insist on no cameras, but whateverz.

[gse36]

They brought along a reporter? Mmm if I were a savvy businessman I would insist on no cameras, but whateverz.

realtor wants publicity.. realtors are attention whores. wants the other wenzhou bosses to use him.

look at that Cam at the key. with all those whiterock heli tours. attention is good for business

[Taipan]

What if prices falling and they losing money. Still want attention?

[unicas]

by gse36 » Sat Jan 28, 2012 4:12 pm

realtor wants publicity.. realtors are attention whores. wants the other wenzhou bosses to use him.

look at that Cam at the key. with all those whiterock heli tours. attention is good for business

I agree, I think there is a chance the agent called the media about the perspective overseas buyers, may exaggerate, hey bluffing is not illegal right? he may have just made a name for himself, and in this business, it makes huge $$$ difference.

[red_lantern]

by gse36 » Sat Jan 28, 2012 4:12 pm

realtor wants publicity.. realtors are attention whores. wants the other wenzhou bosses to use him.

look at that Cam at the key. with all those whiterock heli tours. attention is good for business

I agree, I think there is a chance the agent called the media about the perspective overseas buyers, may exaggerate, hey bluffing is not illegal right? he may have just made a name for himself, and in this business, it makes huge $$$ difference.

As all the caucasians roll their eyes and wait in patience for the bubble to burst and the Asian investor's and realtors faces to glow bright red!