The fourth generation (housing, future, etc ...)
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wow… you very rich hah?
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JonC:
wow... you very rich hah?
not rich but we can always look at the flip side of things
opportunities exist in every crisis -
Our situation will be like China soon, i.e. parent will need to support (pay money) for their children to buy apartment… Sigh… Just saw that piece of news on TV lately… It is the same in Hong Kong too…
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Laughing:
Our situation will be like China soon, i.e. parent will need to support (pay money) for their children to buy apartment... Sigh... Just saw that piece of news on TV lately... It is the same in Hong Kong too..
I believe some SG parents are also doing this already....
So we need 2 generations to afford an apartment now... next time how? -
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JonC:
http://www.singaporerealestate.info/property%20price%20index%201960%20to%202010.htm
Thanks for that, its an awesome chart.
My take on our property prices... I don't think we will see anything like what happened in the U.S. My impression is that the U.S. culture is very accustomed to credit, ie if their paycheck comes late, it causes problems for the mortgage payment, credit cards etc.
Locals (older generation, not so sure of the young ones) tend to have better cash reserves and are not so extended. I know plenty of people who bought right at the peak in 1996/97, while not enjoying much capital gains for a long time, were able to hang on to their property all this time. Basically, we have a better margin of safety in the first place. Foreign buyers, by nature, have better access to fund mobility and may cash out. Hence introducing a factor of volatility into the mix.
To summarise, i think HDB prices will do fine although the private housing market will have greater volatility. Can't expect to have a similar US style crash... If anything, expect a japan style long drawn out decline... Asians have great staying power and can tolerate lots of crap (dunno whether its a good thing or bad thing though) -
http://postimage.org/image/1938kol2c/
Unfortunately cannot find newer than this or older than 1990.
The up and down are quite close. -
Pen88n:
I question the moral part of this type of earning money - just for the sake of $$, go to the extent of legally divorce? It's like having $$ and 六亲不认......what type of moral values impacted to the younger generations? Sometimes I really wonder - we have all these moral stories and 弟子规 etc. what happen to these Chinese nationals who has been thru' these teachings and yet view $$ above all others?? I'm not saying all of them are like this, but the money mentality is certainly much more prevalent in most of them.[/quote]I doubt that Chinese nationals underwent these 'moral teachings' after the Cultural Revolution.[quote]In the modern era Confucian movements, such as New Confucianism, still exist but during the Cultural Revolution, Confucianism was frequently attacked by leading figures in the Communist Party of China. This was partially a continuation of the condemnations of Confucianism by intellectuals and activists in the early 20th Century as a cause of the ethnocentric close-mindedness and refusal of the Qing Dynasty to modernize that led to the tragedies that befell China in the 19th Century.
To those people, it does not matter whether it is the right way or not, it is the money that is important. Anyway, they are not hurting anyone except themselves. In fact, I think it is very common in China to do whatever it takes to earn lots of money.tamarind:
[quote=\"starlight1968sg\"]
Perhaps we can learn from them - only the good points!
But I seriously think that this is not the right way to have a flat for their kids. OTOH, the monthly rental generated is quite attractive; passive income hor! :x
Source: http://en.wikipedia.org/wiki/Confucius[/quote]The generations after the first communists now have a moral value vaccum as a result from that shift.
[quote]The New Culture Movement
The Chinese Communist Party ultimately began with the intellectual ferment of the May Fourth Movement, or the New Culture Movement, which began in 1911. While political theorists and activists, such as Sun Yat-sen, were aggressively pursuing political and economic modernization while, for the most part, retaining their roots in Confucianism, the May Fourth movement had as its specific goal the complete elimination of traditional Confucian culture and its replacement with a culture more closely resembling Western culture and beliefs. The humiliation of Yüan Shih-kai and his brand of Confucianism had completely discredited Confucianism, and the intellectual revolutionaries between 1917 and 1923 spearheaded a movement to adopt Western science, culture, and democratic principles. At the same time they championed new literature written in vernacular Chinese over the Chinese classics. This five year period, called by some \"The Chinese Renaissance,\" may perhaps have been the most intellectually revolutionary period since the time of Confucius.
The political effect of the New Culture Movement was to politicize and radicalize Chinese, particularly Chinese students. The New Culture thinkers published their theories of government, education, culture, economics, and Western science prolifically in books and journals. Never before in Chinese history had political and social issues been discussed so openly and so publicly. Soon Chinese students were publishing their own journals and attacking all the traditions of China: Confucianism, hsiao (filial piety), the Chinese classics, and Neo-Confucian science. In the journals of the New Culture Movement and their student followers, no part of Chinese culture was free from ridicule or criticism, but they spared their most vitriolic attacks for traditional Chinese views of government. This eagerness and intellectual volatlity sparked a massive uprising: the May Fourth Movement.
Source: http://www.wsu.edu:8001/~dee/MODCHINA/COMM.HTM [/quote]For all that we think Chinese nationals as being easily assimilated to Singaporean culture because we share the same 'ancestry', the mindset of a person growing up in China can be fundamentally different.
[quote]Chinese Communism in a Changing World
Marxism is above all a materialist ideology. Communism, socialism and Marxism have managed to stay alive in China as ideas and philosophies even though their ideologies and principals in many ways contradict the reality that exists in China today and changes that have brought prosperity and a better life to many ordinary Chinese.
Communist Party ideology is essentially pragmatic. One foreign diplomat told the Washington Post: “The trouble now is that the principles of the party are farther and farther from the everyday reality” An editor at a party publishing house said: “Ideas about socialism and communism have become very shaky” and many believe they are “no longer appropriate for China.”
A 25-year-old teacher told Reuters “We were taught Marxism and Leninism in school. But when I became independent and went to college, I saw professors take bribes and I felt the old slogans like ‘serve the people’ were no longer relevant.
Marxism is hardly discussed any more even among Communist intellectuals. John Pomfret of the Washington Post wrote: “Communism as an ideology is dead. It has been replaced by hedonism...Nationalism may appeal to a few hot-headed students but it can’t compare to a night on the town with a hot hostess in a Karaoke bar...China’s energy is focused on production and consumption—not self-reflection. This country is all id and no superego. It citizens hunger for sex, food, money, goods and cheap thrills.”
Comparing China in the 2000s to China in the past one historian with a lot of experience in China told the New York Times, “There’s much greater awareness of the need to be open to the outside world generally, and much greater relaxation within China, and much greater willingness to listen to professional as opposed to ideological reasons.”
Further reading: http://factsanddetails.com/china.php?itemid=310&catid=8&subcatid=49[/quote] -
My uncle, 60+ years old, has a 40 year old wife from mainland China and a 3 year old son. He is planning to sell his private apartment which costs SGD$1 million+, and bring his family to live in Hainan island, his wife's home town. They can live like kings there, and he does not need to work any more.
I know another Singaporean man who also has a China wife, and 2 kids. He is going to sell his flat and go to China with his wife and children.
I think there may be more people like them in Singapore.
In any case, buying a second property in Singapore is definitely a good investment in the long run. My old aunties are happily earning thousands of dollars of rental money every month, and they don't have to lift a finger to work. It is not about pampering our kids by buying an apartment for them. It is about pampering ourselves when we are old
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Yup, China pple do not know what is di zi gui. Those who wish to learn or teach it to the kids in China, learn from experts of other countries like M’sia
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