What I Have Learned from My Students in Shanghai (pt. 1)
Today will be the 3rd day of class in the Weston Institute in Shanghai. Some of the top developers in the city are sharing the experience. Almost every student has a laptop open as we go through the class. My overheads are in English. They have English and Chinese and use the overheads and the internet as we go through the material.
The first case in the Finance class is a Taiwanese buying a home in the USA. The book we are using is an old version and the case is outdated. We decided to use Shanghai as the destination for the buyer. A lot of the cultural issues are the same. Foreigners must live in Shanghai for a year before they can buy a home; so our example had to rent first for a year. Because our students are developers, we used an example based on a development one of the students is doing. This turned a dead old case into something dynamic.
Another difference is that the subject of our case will have to pay 9% tax on the total price of the property when he sells it. Even with this the profits will be tremendous after only a 3 year hold based on past performance of housing prices. That is the catch. Housing appreciation has slowed to (according to government figures) 0%. I will learn more today and share it with you.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
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