Condo market slowdown expected as elections approach.

Whether you're a working stiff or a business owner yourself, this is the place to discuss all aspects of financing your drinking habit ;-)

NO BUSINESS SALES HERE PLEASE, WE HAVE A SECTION FOR THAT IN THE CLASSIFIEDS.
Bitte_Kein_Lexus
Expatriate
Posts: 2818
Joined: Sun May 18, 2014 7:32 pm
Reputation: 261

Re: Condo market slowdown expected as elections approach.

Post by Bitte_Kein_Lexus » Tue May 02, 2017 10:29 am

I don't see how or why they'd do that. They'd be pushing away potential buyers. Most of the places I've visited had sold most of their units on paper and only had a few left by the time pilling had begun. Some were pretty much 90% sold on paper. People are buying them. What I suspect is happening is widespread money laundering. Chinese national or rich Khmer proactively buys two condos in a development. Says he rents them for $1200 each. Easy way to launder money. It's near your home country (or in it) and doesn't have the mortgages and anti-money laundering questions which banks in say, Vancouver or Seattle might have.

I mean I suppose the construction companies could be doing the same: build a condo block, say you've sold all units as a way of laundering money. However, that's probably too complicated and large-scale since the Chinese government likely routinely audits these companies. Individuals can probably get away with a lot more. It's just weird to me since most of these developments are more expensive than in my hometown. Smaller as well. Even the lower-tier ones are expensive. At the bottom of the list, there are some which your average Khmer household can afford, but they're tiny (8x3.5!) places which are badly designed and with poor finishing quality. Either that or they have a bad location. Condos are a new thing and they're selling like hotcakes. Will it last? In the long-term it certainly will, as that's the only way a city such as Phnom Pneh's housing sector can flourish. I do think there will be a slump at some point in the near-mid future though.
Ex Bitteeinbit/LexusSchmexus
Luigi
Expatriate
Posts: 1961
Joined: Thu Apr 30, 2015 6:12 pm
Reputation: 108

Re: Condo market slowdown expected as elections approach.

Post by Luigi » Tue May 02, 2017 11:10 am

'' What I suspect is happening is widespread money laundering. Chinese national or rich Khmer proactively buys two condos in a development. Says he rents them for $1200 each. Easy way to launder money. It's near your home country (or in it) and doesn't have the mortgages and anti-money laundering questions which banks in say, Vancouver or Seattle might have. ''

You are not alone. Occam's razor points to there.
eriksank
Expatriate
Posts: 295
Joined: Wed Jun 10, 2015 11:25 am
Reputation: 24

Re: Condo market slowdown expected as elections approach.

Post by eriksank » Tue May 02, 2017 12:44 pm

Bitte_Kein_Lexus wrote:
Tue May 02, 2017 10:29 am
What I suspect is happening is widespread money laundering.
The accusation of "money laundering", i.e. insisting that someone "proves" the origin of his money, is always invalid. It is a reversal of the standard position that someone is innocent until proven otherwise. In that sense, nobody needs to "prove" where his money comes from. It is the prosecution who needs to prove that the money is of criminal origin, and not the other way around. In fact, the concept of "money laundering" is just a retarded and perverse western depravity. But then again, at some point, people who insist on harassing other people with that kind of things will simply have to prove that they are willing to risk their lives and die for what they believe in.
Bitte_Kein_Lexus
Expatriate
Posts: 2818
Joined: Sun May 18, 2014 7:32 pm
Reputation: 261

Re: Condo market slowdown expected as elections approach.

Post by Bitte_Kein_Lexus » Tue May 02, 2017 4:16 pm

Well, that's what government agencies are for. If you make your money (or part of it) through illegal/illicit means, then you need to launder your money, as money doesn't grow out of thin air. If the government suspects you of illegal activities because you've always worked as a janitor but drive a Ferrari and bought a mansion in cash, then it's unsurprising that they'll question where the money came from and whether it your income was liable for taxation. Is it overreaching government intervention? Well, that's another discussion altogether.
Ex Bitteeinbit/LexusSchmexus
Luigi
Expatriate
Posts: 1961
Joined: Thu Apr 30, 2015 6:12 pm
Reputation: 108

Re: Condo market slowdown expected as elections approach.

Post by Luigi » Wed May 03, 2017 7:06 am

http://www.phnompenhpost.com/business/i ... s-millions

But but...many millions are made for some. :stir:
User avatar
Duncan
Sir Duncan
Posts: 6428
Joined: Tue Jun 03, 2014 8:22 pm
Reputation: 1376
Location: Wonder Why Central

Re: Condo market slowdown expected as elections approach.

Post by Duncan » Wed May 03, 2017 7:39 am

Bitte_Kein_Lexus wrote:
Tue May 02, 2017 10:29 am
I don't see how or why they'd do that. They'd be pushing away potential buyers. Most of the places I've visited had sold most of their units on paper and only had a few left by the time pilling had begun. Some were pretty much 90% sold on paper. People are buying them. What I suspect is happening is widespread money laundering. Chinese national or rich Khmer proactively buys two condos in a development. Says he rents them for $1200 each. Easy way to launder money. It's near your home country (or in it) and doesn't have the mortgages and anti-money laundering questions which banks in say, Vancouver or Seattle might have.

I mean I suppose the construction companies could be doing the same: build a condo block, say you've sold all units as a way of laundering money. However, that's probably too complicated and large-scale since the Chinese government likely routinely audits these companies. Individuals can probably get away with a lot more. It's just weird to me since most of these developments are more expensive than in my hometown. Smaller as well. Even the lower-tier ones are expensive. At the bottom of the list, there are some which your average Khmer household can afford, but they're tiny (8x3.5!) places which are badly designed and with poor finishing quality. Either that or they have a bad location. Condos are a new thing and they're selling like hotcakes. Will it last? In the long-term it certainly will, as that's the only way a city such as Phnom Pneh's housing sector can flourish. I do think there will be a slump at some point in the near-mid future though.


It's so easy for a good salesman to talk uneducated Cambodians into buying something.

Yes we will loan you the money to buy it and you can rent it for $ ???? every month, and when you want to sell it you will make a good profit cause property prices are going up.
We have sold them all but only have one left, so you should buy it today cause tomorrow it will be sold .


OK , you dont want a house, why not buy a new Honda Dream moto. Everyone is buying them and we will loan you the money and you only have to pay a little bit every month.
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
User avatar
juansweetpotato
Expatriate
Posts: 2637
Joined: Sun Jul 27, 2014 8:45 pm
Reputation: 75

Re: Condo market slowdown expected as elections approach.

Post by juansweetpotato » Wed May 03, 2017 7:55 am

Duncan wrote:
Wed May 03, 2017 7:39 am
Bitte_Kein_Lexus wrote:
Tue May 02, 2017 10:29 am
I don't see how or why they'd do that. They'd be pushing away potential buyers. Most of the places I've visited had sold most of their units on paper and only had a few left by the time pilling had begun. Some were pretty much 90% sold on paper. People are buying them. What I suspect is happening is widespread money laundering. Chinese national or rich Khmer proactively buys two condos in a development. Says he rents them for $1200 each. Easy way to launder money. It's near your home country (or in it) and doesn't have the mortgages and anti-money laundering questions which banks in say, Vancouver or Seattle might have.

I mean I suppose the construction companies could be doing the same: build a condo block, say you've sold all units as a way of laundering money. However, that's probably too complicated and large-scale since the Chinese government likely routinely audits these companies. Individuals can probably get away with a lot more. It's just weird to me since most of these developments are more expensive than in my hometown. Smaller as well. Even the lower-tier ones are expensive. At the bottom of the list, there are some which your average Khmer household can afford, but they're tiny (8x3.5!) places which are badly designed and with poor finishing quality. Either that or they have a bad location. Condos are a new thing and they're selling like hotcakes. Will it last? In the long-term it certainly will, as that's the only way a city such as Phnom Pneh's housing sector can flourish. I do think there will be a slump at some point in the near-mid future though.
.

It's so easy for a good salesman to talk uneducated Cambodians into buying something.

Yes we will loan you the money to buy it and you can rent it for $ ???? every month, and when you want to sell it you will make a good profit cause property prices are going up.
We have sold them all but only have one left, so you should buy it today cause tomorrow it will be sold .


OK , you dont want a house, why not buy a new Honda Dream moto. Everyone is buying them and we will loan you the money and you only have to pay a little bit every month.
You missed the opening question to the spiel. Which is : Do you want to be someone?

In HCMC the gov tried to do a crackdown on all the people buying the new high-rise apartments (before even the first bit of concrete was laid) because they were selling the paperwork on for higher than what they had paid. Very much like ticket touts. Iirc, you initially pay 10 % of the asking price. Most of them had been bought. Hardly any were rented 3 years ago - most being left empty. I looked at a 4 bedroomed penthouse with huge rooftop garden 23 floors up in PMY D7 for $800 p m.
"Can you spare some cutter for an old man?"
eriksank
Expatriate
Posts: 295
Joined: Wed Jun 10, 2015 11:25 am
Reputation: 24

Re: Condo market slowdown expected as elections approach.

Post by eriksank » Wed May 03, 2017 8:30 am

Bitte_Kein_Lexus wrote:
Tue May 02, 2017 4:16 pm
Well, that's what government agencies are for.
They harass people because they can, and we hack their systems, also because we can. We are forcing them back to pen and paper.
Bitte_Kein_Lexus wrote:
Tue May 02, 2017 4:16 pm
it's unsurprising that they'll question where the money came from and whether it your income was liable for taxation.
People like us can move away into places like Cambodia, and tell countries like the USA to f*ck off with their money-laundering and income taxation inventions, but the problem is that they just follow us here. That is why it is inevitable that someone will start hacking American infrastructure and seek to destroy it. If Russian hackers don't cause a Chernobyl by reprogramming nuclear plants over there, someone else will. It is a necessity to attack the United States, because otherwise they will attack you.
Barang_doa_slae
The Dark Horse
Posts: 1293
Joined: Sun May 25, 2014 1:12 pm
Reputation: 77
Cambodia

Re: Condo market slowdown expected as elections approach.

Post by Barang_doa_slae » Wed May 03, 2017 11:27 am

Image
eriksank
Expatriate
Posts: 295
Joined: Wed Jun 10, 2015 11:25 am
Reputation: 24

Re: Condo market slowdown expected as elections approach.

Post by eriksank » Wed May 03, 2017 11:53 am

Barang_doa_slae wrote:
Wed May 03, 2017 11:27 am
"Don't trust the government"
The point is to make truckloads of money from "not trusting the government". According to coinmarketcap.com bitcoin's market capitalization has now reached $23,825,294,025, i.e. almost 24 billion dollars. The government's power rest on their control of the money circulation. We are gradually getting insanely rich by destroying that. I make truckloads of money from wearing my tinfoil hat. Now show me how much money you have! ;-)
Post Reply Previous topicNext topic
  • Similar Topics
    Replies
    Views
    Last post

Who is online

Users browsing this forum: whatwat and 37 guests