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Worthy Insights / Opinion Pieces / Advice
- Are High Home Prices Turning American Millennials Into the New Serfs? – Marc Faber
- “Like medieval serfs in pre-industrial Europe, America’s new generation, particularly in its alpha cities, seems increasingly destined to spend their lives paying off their overlords, and having little to show for it. No wonder that rather than strike out on their own, many millennials are simply failing to launch, with record numbers hunkering down in their parents’ homes. Since 2000, the numbers of people aged 18 to 34 living at home has shot up by over 5 million.”
Real Estate
Forbes – Brookfield’s Bruce Flatt: Billionaire Toll Collector Of The 21st Century – Antoine Gara 5/2
WSJ – Auto Dealers Decide Cars Are Taking Up Too Much Prime Space – Adrienne Roberts 4/29
- “Large chains opt to move merchandise to less-valuable real estate.”
China
FT – Macau proposes new ATM curbs to tackle Chinese capital flight – Ben Bland 5/8
- “Macau is tightening restrictions on the use of ATM cards by mainland Chinese customers as the casino enclave confronts fears that it is being used as a hub for capital flight and money laundering.”
- “The government said that in the future, mainland users of UnionPay, China’s sole clearing house for bank card transactions, would have to insert their identity cards into ATMs and have their identity verified by facial recognition software to withdraw cash.”
- “The move appears designed to target gamblers and middleman who have been flouting withdrawal limits by using multiple ATM cards registered to different customers.”
- “Withdrawals by mainlanders in Macau are limited to Rmb10,000 ($1,450) a day and Rmb100,000 per year.”
- “Vitaly Umansky, a Hong Kong-based analyst at Bernstein, the research house, said the new ATM measures would add to the headwinds facing junkets and some ‘premium mass’ gamblers.”
- “He said that, after the recent rebound in fortunes, the ATM crackdown would make ‘investors again realize that Macau risks are largely tied to policy and the power of the government to limit growth has not been diminished.'”