Tuesday, August 9, 2011

Just Talk

My friend and I shot the shot over kopi yesterday evening and the topic of housing came up.

It is common practice for couples in Shanghai to purchase two units when they marry. They will stay in one and the other is for their child. With housing prices skyrocketing in most cities in China, it makes financial sense (from an individual, selfish, and narrow-minded point of view) to buy houses before their prices become so inflated in the future to the point of unaffordability. They will even take up long term loans to finance their purchases. However, this practice, when done en masse, inevitably jacks up the already steep property prices and possibly lead to the burst of the property bubble in the not so distant future.

Females in China appreciate two things in their potential mates: a house and a car in that order. If a guy there does not have either of these, especially the former, he can basically forget about getting a wife. Such are the depressing circumstances that compel many mainland Chinese to leave their country to work for better wages abroad. For them it is a win-win situation, more so if they come to our cuntry, which like a whore spreading her legs to anyone who can pay.

Let me illustrate my point.

A civil servant in China earns 3,000 RMB and a three room flat there costs 300,000 SGD (roughly equivalent to 1,500,000 RMB. Assuming our friend the civil servant does not need to pay any bills save the mortgage on this pricey pigeon-hole and interest rates and other factors are negligible it would take him 500 months, or 41 years and 8 months to pay off the mortgage (1,500,000 / 300,000).

Now, suppose he comes to this cesspit and receives the same amount of wages in SGD - yes, our cuntpanies based in this cesspit are now paying good wages to foreigners – and buys the same three-room flat here (the price is the same as its equivalent in China), it would now take this ah tiong 100 months, or 8 years and 4 months to finish paying the mortgage (300,000 / 3,000). If he decides that he’s had enough of our shithole, he can easily sell the 300,0000 SGD flat he has, collect his CPF money (if he takes up permanent resident status) at a jacked-up price, makes a profit of maybe 50,000 to 100,000 SGD, and then fuck off back home loaded. True, he may not easily afford a house in China, but short of being a banker/crook, where in the Hells can an ah tiong, or for that matter anyone, make such a hefty profit in such a relatively short span of time?

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