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A state owned Chinese bank could provide US home builder Lennar -- one point seven billion dollars to complete a residential product insert the project and is in San Francisco.
Sounds like this and -- from the Citizens Against Government Waste is coming through.
Maybe it's -- -- hot topics.
Let's see so they may well yeah until it's I think -- does away.
I'm not you don't and I wellness content not days.
-- act and the ability -- yeah.
All right -- made a big splash that and so does China Yahoo! -- us we're joined now by Derek scissors he is with The Heritage Foundation.
I'm a lot of people do not approve of Chinese capital coming over here I'm buying -- apartment buildings single family homes all masks as if they owed us how you feel about it.
While the optics of this -- California are pretty bad it is a state owned institution in neighboring another state and institution -- them.
To the contract work and it's on the side of two former US navy bases so it looks bad and I understand that.
The flip side is what you reported earlier property sales in the US are up one of the reasons are up as there's a lot of foreign interest.
We might need Chinese money for this development that they want to buy houses in the US not in China why is that because we got a lot going -- date for us that they don't.
So is back on the -- side the way things loan.
But we need the money and it is hard money and this is a free country and if they want to come and bring that money here and buy houses.
What everybody benefits of those that that's the two sides of the argument you come down on the side that says this is perfectly okay.
Well I certainly come down on the side it says there have been mistakes made in Sacramento you guys are just talking about some of them their mistakes made in Washington.
So US has put itself in a bad economic position.
But on the other hand.
If people want to buy houses here -- they wanna live in the United States and millions of Chinese wanna do that and they have the money and they offer a good price that benefits a lot of America.
-- -- is there any chance is a bit like Japan in the late eighties and very early nineties.
When Japanese investors came to America and -- all kinds of houses and some trophy profit is.
And actually way overpaid is there -- similarity perhaps.
There's definitely a similarity of the Chinese tend to -- -- They have one thing going on of the Japanese didn't the Japanese are just looking for commercial investments Chinese a look at -- live here.
They want to place to go if things don't go well in China.
And that makes them more willing to overpaid on the Japanese -- even and that's a big difference all right Derek scissors some sort of publish a lot of us on this.
News coming up -- -- thank you very much for joining us.