Can someone enlighten me on how so many (or so few) people got so rich off of property?
Speculation in a housing bubble.
Half of China's millionaires want to leave country
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Re: Half of China's millionaires want to leave country
#12Hmmm.....I can't disagree with the contents of the post. Yet I think it is a piece written to distract from the issues facing our own nation by doing an implicit juxtaposition between China and the U.S. I am of the opinion that we should spend less time denigrating others and more time having open and honest discussion AND reporting of the issues facing us here in the U.S. Pointing out issues and flaws in others in n…
CNN is just reporting on a paper published by the Hurun Research Institute and the Bank of China. That isn't "denigrating" anything, it's reporting a story, which given the source (not CNN, but Bank of China) is probably pretty factual.
Re: Half of China's millionaires want to leave country
#13Money can buy you bigger houses, fancy clothes, new cars.
But it can't buy you freedom, in China.
That's why the millionaires leave, to be free.
Re: Half of China's millionaires want to leave country
#14Hmmm.....I can't disagree with the contents of the post. Yet I think it is a piece written to distract from the issues facing our own nation by doing an implicit juxtaposition between China and the U.S. I am of the opinion that we should spend less time denigrating others and more time having open and honest discussion AND reporting of the issues facing us here in the U.S. Pointing out issues and flaws in others in n…
Yes, because everything is about USA, and every story from abroad is just a spin piece to manipulate public opinion of its citizens. \rolls eyes\
By the way, you are free to do your own research and publish a story about number of U.S. amount of rich people wanting to emigrate.
Re: Half of China's millionaires want to leave country
#15Can someone enlighten me on how so many (or so few) people got so rich off of property?
Not just houses - if you somehow managed to own the 'peoples bicycle factory' on land right next to the port that is now a Foxconn factory you are likely to have done OK out of the deal.
Re: Half of China's millionaires want to leave country
#16Is the real problem that lots of party functionaries without much money has power and little oversight? So they can press money out of the local rich, without repercussions? Or is political uncertainty the real problem -- the political climate next month can be halfway back to the cultural revolution? Or a third alternative? Edit: Word choice, for clarity.
Welcome to a land where the local rich can press money out of party functionaries!
Re: Half of China's millionaires want to leave country
#17This seems to reinforce some points made by Paul Graham in his 'How to Make Wealth' essay. Especially regarding governments not allowing individuals to accumulate wealth. http://paulgraham.com/wealth.html
Re: Half of China's millionaires want to leave country
#18Can someone enlighten me on how so many (or so few) people got so rich off of property?
Party connections.
It is how everything works in a Communist society, everything bends to the party, the people, the land, the environment. The results to each is usually the same.
Re: Half of China's millionaires want to leave country
#19Earlier quoted context omitted.
This news is far from being accurate. http://news.ycombinator.com/item?id=2806250
Regardless if its billionaires in yuan or dollars, if there is a sentiment in China that the wealthy are being killed, it could fuel the desire to leave.
I'd expect a number of extremely rich Chinese oligarchs have been shot for treason, as some forms of corruption are punishable by the death penalty.
There's a lot of really nasty shit that happens in China. Babies dying from additives to their milk formula, organs being stolen, farmers being driven off communes to build illegal factories, outright theft of government funds and property ... none of it is really sanctioned.
When the officials who set themselves up as feudal lords get busted, they can go down hard. Even if their superiors were previously turning a blind eye, if it hits Weibo (the Chinese Twitter) then things can get ugly.
Re: Half of China's millionaires want to leave country
#20[deleted]