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Top News This Week: 'China City' in New York, and the rising fame of 'Chinese Mothers'...
By Juwai, 13 December 2013
600-acre China City potentially in the works in New York
Move over, Chinatown. Here comes 'China City.'
Mixed reactions have greeted the news for a possible $6-billion, 600-acre 'China City' to be built in the Catskills region, northern New York.
Targeted at foreign investors, especially Chinese investors, this project will include housing developments, hotels, shopping malls, an amusement park, cultural tourist attractions such as a Forbidden City replica, casinos and a museum.
In a crucial move to attract potential foreign investors, the EB-5 for Immigrant Investors federal visa programme has been heavily promoted – offering rich foreign investors the possibility of obtaining a US Green Card under the condition of investing half a million dollar into business ventures in rural areas of the US.
'Chinese Mothers' and their rise to 'fame' in 2013
In an unforeseen rise to fame, 'Chinese Mothers' and their overzealous forays into investment – from overseas property to gold and even bitcoins – have become the hottest topic for both the local and foreign media in 2013. Some Chinese media has even joked that 'Chinese Mothers' as the hidden 'trump card' of the Chinese economy.
In a latest article by the South China Morning Post, the 'Chinese Mothers' of today now represent the current financial awareness of the Chinese consumers, where keen investment demand does not necessarily equate to consumers with professional knowledge.
Popularly referred to as "Dama" in China, some instances of 'Chinese Mothers' and their investment onslaughts include the frenzied shopping spree for gold jewelry earlier this year, which caused the second plunge in gold prices.
Amongst the deluge of Chinese buyers thronging the property scene in Spain, Greece and more this year, a number of Chinese wives and mothers were also spotted out and about hunting for property.
With 'Chinese Mothers' being so busy in 2013, concerns of inflation due to such wanton investments have been flying around. For now, though, it seems that all eyes are set on 'Chinese Mothers' and their next investment.
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