China’s crack down on its people’s ability to pay KTD’s mortgage is the end of an era for us here 

I submit for your consideration the following editorial from the Globe and Mail, “The alarming crackdown on Chinese money” as it pertains to 92 year old Khenpo Karthar Rinpoche’s, my guru’s, crowning achievement, Karma Triyana Dharmachakra, the 17th Karmapa’s monastic seat for North America in Woodstock, New York.

In 2008 60 year old Tenzin Chonyi, KTD’s President for life, in the midst of a real estate crash bet against the market and took out a multi-million dollar mortgage on the then plunging value of the property upon which the 17th Karmapa’s monastic seat is located based solely upon his expectation that what had up to this point in time been an uninterrupted flow of money from wealthy Chinese Buddhists would continue forever, or at least long enough for him to take credit for that which Khenpo Karthar Rinpoche and Bardor Tulku Rinpoche dedicated their lives to building.

In 2017 the Chinese Government has put this cash flow in jeopardy and thus, thanks to Tenzin Chonyi’s gambling away the future of the 17th Karmapa’s monastic seat in North America, 92 year old Khenpo Karthar Rinpoche’s, my guru’s, crowning achievement is also at risk by what he did, just as then 59 year old Bardor Tulku Rinpoche feared it would at the time.

That being said, in 2008 the then 23 year old 17th Karmapa sided with Tenzin Chonyi, and the rest is history. Which brings us to China’s crackdown on the ability of its people, the wealthy Chinese Buddhists whom have hitherto paid KTD’s monthly mortgage payment, to continue to do so, the end of an era for us all. At 58 years of age I can remember when we had to pass the hat around to keep Khenpo Karthar Rinpoche and Bardor Tulku Rinpoche out of the poor house but for many of us all they have known has been Tenzin Chonyi’s KTD, a multi-million dollar real estate development funded entirely by wealthy Chinese Buddhists whom support their Government’s project of making China the leader of the Buddhist world it is today.

For the foreseeable future it is going to be much more difficult for wealthy Chinese Buddhists whom support their Government’s 31 year old “living” Buddha, the 17th Karmapa, and his monastic seat in North America to covert their wealth into US currency to pay KTD’s monthly mortgage payment, a new era for us all regardless of what you think of the place. It’s days are numbered if it can’t keep up its mortgage payments, an open question at this point in time.

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3 Comments

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3 responses to “China’s crack down on its people’s ability to pay KTD’s mortgage is the end of an era for us here 

  1. Kek

    I doubt it will have much effect on religious donations. The restrictions are a reaction against venture capital/investment money fleeing the country because China is beginning to stagnate and people sensing this have decided to invest money outside of China. Money isn’t worth anything if they can’t spend it or invest it in anything meaningful. Ultimately I think this is tied to China’s rapidly shrinking population.

  2. Where did this picture come from?

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