According to a recent article in the New York Post, sovereign wealth funds are now looking at foreclosed residential properties. These funds have already gobbled up various iconic commercial real estates, such as the Chrysler Building. How much more of the US can be bought by foreign nations?
"A sovereign fund would have two distinct advantages over other investors - the depressed value of the US dollar makes the homes a bargain, and sovereign funds have deeper pockets.
The sovereign fund of Abu Dhabi, for example, has a reported $875 billion in assets, while Norway has $391 billion, Singapore has $303 billion and Kuwait has $264 billion in their sovereign funds, which are funded by proceeds from oil sales.
The Abu Dhabi Investment Authority is expected to announce next month what type of US distressed assets they will be investing in and real estate is at the top of the list, according to a report in Financial Times last week."
Sad times, in my opinion.
You can view the article here.
Campaign Links
Seach Campaign Donations
0 comments:
Post a Comment