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| Economy |
| Now Comes the California Fire Sale: China-Based Company Is Buying Up Land Incinerated by Firestorms |
| 2025-08-25 |
| [PJMedia] If foreign corporations want to buy burned-out properties, can those sales be stopped? Should they be stopped? When the feared firestorm hit Pacific Palisades, Malibu, and Altadena in Southern California last January, the Los Angeles mayor was MIA, the "public safety" guy in charge—the vice mayor—was on home confinement for making an anti-Israel bomb threat on city hall, fire fighters were not pre-deployed, there was no water in the reservoir, and fire hydrants went dry in the Palisades. Soon came vows by L.A. Mayor Karen Bass and elected officials in Malibu, Altadena, and the Palisades to streamline the rebuilding and permitting, which turned out to be a joke. Now, amid bad leadership, virtue signaling masquerading as help, incinerated FireAid money, and promises in name only, comes the fire sale. In early August came word from an exclusive story in Realtor.com that foreign investors were buying up prime lots in the burned-out area of an iconic Malibu beach. Now, a foreign investor has been secretly scooping up many of the burned lots on the oceanfront side of the PCH—with the vision of rebuilding the mansions that dotted the coastline in the iconic beach town. The strip of homes nestled between the Pacific Coast Highway and the Pacific Ocean is the storied La Costa Beach. Nine of the most desirable lots have been sold by people who can't wait or can't afford to rebuild. Our RedState colleague, Jen Van Laar, reports that the buyers are a couple of Kiwis—New Zealanders. These businessmen are based in the once-free Hong Kong, China to be close to their toy manufacturing empire in Guangzhou and Shenzhen. They also own a business park in Issaquah, Washington. Nick and Mat Mowbray run Zuru, a company well known for making mini toys and replicas. The Mowbray brothers also run another Chinese-based company, Zuru Tech, that makes modular pre-fab homes made of a concrete which they plan to use in their new Malibu real estate venture. Yahoo News reported that one of the brokers says "the investor wants to rebuild the mansions and expects the investment will turn a considerable profit with 'time and patience.'" The current estimate to get permits approved in Malibu is anywhere from one to two years. Related: Why LA Knows That Karen Bass Can’t Get it Done How many Malibu fire victims have the time and money to wait that long? Probably a few, but not all. Here's another question. Are California's so-called "values" honored by allowing foreign investors to reshape the premier and most iconic real estate of the West Coast of the United States? Should stopping foreign ownership even be considered in a relatively free market? Gov. Gavin Newsom signed an executive order to protect people in Altadena, parts of Malibu, and the Palisades from lowball real estate offers while deploring "greedy speculators taking advantage of their pain." Is that what buying a $10+ million property before the fire and settling for $6 million for a beach lot is—speculating? In Altadena, Dwell Magazine reports that at least half of the properties for sale following the devastating January fires have been purchased by corporations; however, "individuals can purchase property through LLCs to limit legal exposure." The publication reports, however, that's higher than the national trend and furthermore, "42 percent of those sales are now held by just six companies, each of which has acquired four or more homes." Advertisement Dwell reports, "Black Lion Properties, LLC—recently confirmed to be operated by Edwin Castro, the record-breaking Powerball winner... The company has quietly acquired at least a dozen fire-damaged or distressed properties in Altadena, spending nearly $9 million in the process." Interesting side note. Castro, the top buyer in Altadena, is a local Powerball Lottery winner who's putting his winnings in real estate rather than hookers, blow, and trinkets. In 2022, Castro won "$2.04 billion," but by the time Uncle Sugar got his cut, the lump sum payment ended up being "$997 million." He bought his parents a new home in Altadena, and he bought one in Malibu, which was ironically, torched in the firestorm. Another company, "Sheng Feng Global Inc., formed in 2022, is associated with several shell-like entities related to real estate" has purchased six home sites in the Altadena area. The company is connected to multiple real estate entities and "hints at possible international ownership, but the full picture remains murky." It sure does. A logistics company in China could be connected, but, as Dwell reports, things are "murky." |
| Posted by:Grom the Affective |
| #6 Take the opportunity to pilfer a goat (順手牽羊, Shùn shǒu qiān yáng) While carrying out one's plans, be flexible enough to take advantage of any opportunity that presents itself, however small, and avail oneself of any profit, however slight. |
| Posted by: Elmerert Hupens2660 2025-08-25 14:09 |
| #5 If LA had been reasonably prompt in issuing permits to rebuild the Chinese couldn't afford much of that land... makes one wonder if that's what is behind the snail-slow permitting. |
| Posted by: Glenmore 2025-08-25 13:50 |
| #4 A logistics company in China could be connected, but, as Dwell reports, things are "murky." Murky enough for some hefty cash payments to go under the table to LA and California politicians? I think that'd be a good bet. It's a tough call for the people who are selling. They were living on some of the most desirable property in the world and then came the fire and then came Mayor Karen Bass, the communist bitch who made the fire possible and made it impossible for people to rebuild in a timely manner. No doubt the buyers have cash aplenty and can wait for permits or simply bribe the appropriate officials. I hope the sellers at least held out for a shit load of money. Gotta wonder if the so-called New Zealanders are just a front for the CCP. |
| Posted by: Abu Uluque 2025-08-25 13:42 |
| #3 And you thought the locals were actually going to get their lives back? It's going to be turned into a connected people's enclave. Probably end up being gated off. |
| Posted by: ed in texas 2025-08-25 08:27 |
| #2 One cannot buy properties in China, why should hey be allowed to buy properties in USA? |
| Posted by: Seeking Cure For Ignorance 2025-08-25 08:23 |
| #1 How about restricting property ownership to US Citizens and US HQ businesses? |
| Posted by: NN2N1 2025-08-25 07:01 |