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Originally Posted by MorganChi
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It was an obvious (even at the time, if you pay attention) miscalculation on the part of Magellan from the start to think that it was going to sell a meaningful number of multimillion dollar condos to foreign buyers/investors. It's not in the cards for Chicago, folks. It wasn't back then - 3-5 years ago, either. And, that's okay. We'll be fine without that.
Right now, what's happening, in my opinion, is that Magellan seems to be using the broader drying-up of capital flows from China into the U.S. as an excuse for why Wanda isn't selling $5 million+ condos in the tower to Chinese buyers. To me, this rings empty, because that was not going to be a thing in Chicago, even if the Chinese authorities' capital flight controls hadn't kicked-in. Again - don't cry. It's okay. The housing market here will survive (and certainly be less volatile) without foreign flight capital propping it up.
That said, it will be very interesting to see how - and how quickly - Magellan and Wanda are going to move this very large unsold inventory of very expensive units.