A former salesman of beef from Shanxi province Guo Hongqi is one of the first buyers of cryptocurrency in China. Like many newly minted Chinese millionaires Hongki acquires a property abroad for the withdrawal of their capital from the country. This writes Coindesk.
Luxury homes for Bitcoin
In April Hongki sold 500 bitcoin in the United States, in order to raise money to buy a luxurious mansion in Los Gatos. The estate is Hongcha 9290 square meters and is 90 minutes ‘ drive from San Francisco. Near the house parked Rolls-Royce, also bought with the income from cryptocurrency.
In the US it is quite normal to sell Bitcoin. After the transaction you can buy whatever you want.
His American residence of Guo calls “Onion Alone” as the name of this vegetable is followed by Chinese kriptosistema, who were unprepared for the global corrections market.
Meanwhile, in his native country Hongta financial regulators to close the ring around kriptonyte. Grown rich on Bitcoin, the Chinese are actively looking for escape routes, buying property abroad to diversify their assets. Some buy houses right behind Bitcoin, others change it into foreign exchange, bypassing the banks.
The founders of American start-up in real estate told reporters that one-third of their clients — investors from Asia. The representatives of the project have wished to remain anonymous. CEO Propy Natalia Karavaeva confirms the current trend.
More and more people wish to purchase property for the cryptocurrency, as it is the only way to get their capital outside their home country. To open a Bank account in Hong Kong and to engage in legal transfer of funds for too long and expensive.
Real estate agents have learned to adapt to new customers. On the market even separated the leaders in the number of investments.
Best countries to buy real estate
According to Karavaevoj, the US and the UK were the most desirable places to buy expensive property.
Investors interested in residences near major research centers like Stanford. They also want to invest in the most stable first world country.
According to the study ATTOM Data Solutions, more and more families in California refuse to purchase housing loans. Instead, they are trying to purchase a home. Says CEO SetSchedule Roy Dekel, investors from China also prefer to pay for the house by Fiat, and not a crypt.
Dekel also pointed to the growing interest in the cryptocurrency from the sellers of the property. While the United States has no clear legal rules governing the sale of property for Bitcoin. Therefore, such cases can even be considered as attempt of tax evasion.
Journalists The New York Times conducted its own investigation into the causes of the Chinese interest in U.S. real estate. It turns out that their own market “like a casino” because of the very unstable prices.
Just last year, house price in Beijing surged by 40 percent. Historically that entrepreneurs withdraw their capital from the country because to engage in the local real estate market very hard.
In the future of cryptocurrency can be further impact on world markets. Selling real goods for crypt makes banks and intermediaries unnecessary, therefore, among investors there is growing interest in Bitcoin.
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