"Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

Post by evilfred » Tue, Feb 06, 2024, 10:00 PM UTC

nimbius wrote: post #123

ilrwbwrkhv wrote: post #108

I have said this over and over again: Canada is the most overrated of all the developed countries. The whole country is a gigantic house of cards propped up by real estate, with horrible service quality, terrible healthcare, no jobs, ZERO innovation, risk taking and entrepreneurship. Having lived and travelled extensively, most Canadians want a house somewhere in the woods instead of doing something meaningful with t…

>most Canadians want a house somewhere in the woods instead of doing something meaningful with their lives or try and innovate to build something. to be fair most Canadians were promised this as part of their countries stratospheric growth under neoliberalist policies. that they are not capable of it is no fault of their own. that they want this is at all is not a bane. > Where US got the best talent from India, Cana…

Post by realusername » Tue, Feb 06, 2024, 10:02 PM UTC

opportune wrote: post #54

realusername wrote: post #45

Earlier quoted context omitted.

It's HSBC being HSBC, I can't say that I'm surprised. Drug cartels and money laundering are at the core of their brand value.

Ignorant American here. Isn’t Hong Kong supposed to be the HQ/money exit point for Chinese organized crime? And HSBC is the main bank there, but headquartered in the UK? If I had to guess they are heavily involved with spooks and foreign assets operating in China (and if so, why not use them for non-Chinese intelligence-financial shenanigans?) and a lot of their “illegal” activity is unofficially blessed by foreign i…

Post by jeffbee » Tue, Feb 06, 2024, 10:07 PM UTC

rybosworld wrote: post #241

jeffbee wrote: post #155

Earlier quoted context omitted.

If the market will bear the rent, why does changing the nationality of the owner improve anything?

The market's not bearing rent so much as existing property owners are colluding to prevent new construction. If new construction wasn't so aggressively blocked in some major cities (San Francisco, Boston, all of Canada it seems), then the rents would not be nearly as high as they are. Wealthy property owners are behaving a lot like a cartel in many places.

Post by JumpCrisscross » Tue, Feb 06, 2024, 10:08 PM UTC

cbsmith wrote: post #181

JumpCrisscross wrote: post #173

Earlier quoted context omitted.

> think the Canadian mortgages linked to Chinese accounts will likely all be paid Out of curiosity, why? China's stock market is melting down in the midst of persistent deflation. A lot of people who thought they had liquidity may not anymore. Beijing could open the taps, but then that puts pressure on the currency.

> Out of curiosity, why? China's stock market is melting down in the midst of persistent deflation. A lot of people who thought they had liquidity may not anymore. Beijing could open the taps, but then that puts pressure on the currency. The whole point of the money laundering operation is to get the money out of the country. China going to pot only accelerates it.

Post by dghlsakjg » Tue, Feb 06, 2024, 10:09 PM UTC

raydev wrote: post #235

dghlsakjg wrote: post #192

Earlier quoted context omitted.

Total conjecture: 1. US banks do not face nearly as diverse a set of applicants, and 2. are only required to hold the loan for 5 years. 1. It is very common in Canada for a person with wealth acquired outside the country to apply for a home loan. At the time I was approved as a guarantor for a home loan for over half a million CAD, I had only been in the country for 2 years, and had no credit history with any Canadia…

> They accepted copies of my American credit history and bank statements, but had no real way to verify their truth I'm skeptical here, given how closely the US and Canada work together, both US and Canadian banks share an incredible amount of info with each other and not solely because of cross-border commerce. There is also a non-trivial number of US citizens living and working in Canada so there are services avail…