10/9/2014
I don't think it's new news, but earlier this week, a small firm from China bought New York's world famous Waldorf Astoria Hotel.
Link to the news is here
What's interesting is that during the beginning of the liberal economic reforms is that the mastermind behind the opening up stayed at the Waldorf Astoria Hotel. It's also reminiscent of Japan's buying up of another Art Deco building design, The Rockefeller Center. It brings up back to the idea of the unsustainable housing bubble, which is somewhat connected to this article. How long will China be able to sustain such high asset prices on property? It looks like the Chinese government can definitely do so, with a high demand for housing and a growing GDP, which creates further demand for housing. The International Monetary Fund has just listed it as surpassing the US in their annual Purchasing Power Parity Calculations for this year. Not surprising at all, as it is all over the media.
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