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Gold/Mining/Energy : Gold Price Monitor
GDXJ 93.03+3.0%Nov 7 4:00 PM EST
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To: Bobby Yellin who wrote (4793)12/26/1997 11:50:00 AM
From: The Vet  Read Replies (3) of 116753
 
<< who has the money >> Much of the money went into real estate, buildings and land speculation which was the province of half a dozen huge companies or private individuals. In Hong Kong a 700 sq ft apartment was priced at $4 to $5 million HK$ about $650,000 US$ and that was a bare concrete box divided in 5 or 6 rooms each barely bigger than a closet in North America. That would be home to an extended family of 6 to 12 people. Nobody lives in these for any time so the national pastimes are working long hours, eating out, shopping in huge malls and buying desiger clothes and expensive trinkets and electronic gadgets. Nobody bought large durable goods like furniture or electrical appliances - there is simply no way to get a double bed or a full sized refrigerator into one of these dog boxes even though they cost as much as a luxury apartment in most North American cities. The better developed parts of China were the same as Hong Kong. Few people had cars - parking spaces could be as much as $500k US$ just for a space big enough to park a car.

These are the ultimate consumer societies but with a limited class of goods and assets due to the culture and physical restrictions. However they all work hard (many have a couple of jobs) and there is an angle or pay off to someone on every deal, no matter how minor. The bulk of the money in Hong Kong is either from China or Japan, and most of it resides in real estate.
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