I’ve been “Chinesed” and I’m not sure how I feel about the situation. On the one hand, I benefit as an asset owner. On the other hand, the American Dream gets harder to achieve for those who aren’t prepared.
Being “Chinesed” is a term I’m introducing to describe a situation where a wealthy mainland Chinese person buys an asset (usually a house) for a ridiculous price and crowds out existing domestic buyers. The term is not derogatory, so stop your bad thoughts right there. I’ve always heard stories about rich mainland Chinese people buying up America, but I never experienced the situation until recently.
A home nearby had been languishing on the market for three months during the winter holidays, November – January. The agent priced the property at $2.1M, and I was absolutely positive it would go for closer to $1.9M. To my great surprise, the house ended up selling for $150,000 over asking! I was baffled, and wondered what type of donkey would bid up a stalefish listing.
It turns out, probably a very rich donkey because the selling agent told me the new owner is a 20-something year old English + Art student from China. She visited the place in between classes one day and told her parents this was the one. Her parents paid all cash.