Cancel, cancel, cancel

After all my analysis and the hoops we have to jump thru getting a mortgage in China, I am calling it off for now. This is pending my iron-wife's final "ok". Forget about HSBC's commercial on TV and in paper saying that it will help you seamlessly getting mortgage no matter where you are. That is totally not true. Requirement after requirement. This paper and that paper. And ask why you have no company here in China. Hey, I have a commercial bank account with your bank, just at a different place. So it wants your pretty much first born's first born. The price in Shanghai is dropping, in a month, it drops about RMB 7,000 per sq m. At this rate, this is only the beginning.

I looked at the cash flow, the hoops (bank requirement), and the dropping price, better wait post Dec this year. Don't want to be house poor. Even the driver from last night's airport pickup said wait. Price is too high and must have to come down.

Today, I went to see the house iron-wife went to see by herself. Ummm.... Not this house. Even though it was fully renovated, but the quality was poor. Tiles in shower, starting to develop molds. The shower door already had water damage. The hood fan exhaust wasn't connected properly so greasy yellow stain; main floor is not raised; so after a downpour, we could be flooded. And the skyline, it was only a piece of glass overlapping the hole! And then there were animal dropping on the roof just next to this hole that is from a pipe connected to the house. If rain, water goes right in not to mention potential rats crawling in. And this place was suppose to be renovated in March. Some renovation. The stair case was of original house. Uneven, some had higher rise than the other, the steps were short, at some point I had to go side way to step down. With the original windows restored, there were still gaping holes when closed. So winter, we will be freezing.

Building up cash reserve right now is better than waste on near highest housing evaluation.