The Global Economy is Upon Us!

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My friend recently bought a house — $2 million cash in San Marino, CA.  This is an all too frequent occurrence in San Marino.  Cash buyers, primarily from China, are coming in and driving up the local real estate costs.  My friend’s story is somewhat interesting as well.  He was born in Taiwan, raised and educated in Southern California, worked between Taiwan, Hong Kong and Los Angeles and made money in Hong Kong real estate.  He made enough money to enable him to buy a house back home in Southern California to raise his family.

This is the global economy.

The L.A. Times reported last Friday, “Chinese developer buys major lot in downtown L.A.”

This is the global economy.  

The $150 million dollar deal closed on Friday — Lunar New Year.

The L.A. Times article states, “between 2000 and 2013, Chinese investors pumped $2.6 billion into California.  Cities such as L.A., San Francisco and New York are well-known to Chinese investors and have large Asian populations.” Many more Chinese investments are on its way and opportunities for U.S. companies to partner with Chinese companies to do business will follow.

This is the global economy.

We are truly seeing the “butterfly effect,” where a butterfly flicks its wings and makes an impact halfway around the world.

It’s exciting to see the chances and opportunities which the global economy brings.  We now stand in a time of history where truly global citizens will thrive and make an impact throughout the world.

But with any great story there is always a cautionary tale.  In the 1980’s when investors from Japan were buying landmark property throughout the U.S., they were oftentimes met with open hostility and xenophobia. The Japanese were seen as a threat rather than global citizens just trying to work, buy homes, and raise a family.

Let’s hope 30 years later we can avoid these mistakes.  32 years ago another friend of mine was elected student body president of San Marino High School.  He was one of very few Chinese students at San Marino High and he was met with constant bullying and harassment.  But he managed to prevail and serve as San Marino High’s first Chinese American student body president.  Now he’s practicing law in Taiwan.

This is the global economy.