Talk Irvine

General => Real Estate => General Real Estate and Mortgage Talk => Topic started by: icey on July 11, 2019, 03:11:23 PM

Title: Why China Fell Out of Love with New York Property
Post by: icey on July 11, 2019, 03:11:23 PM
Would be curious to see a West Coast version of this article.

Key points

1. China is now a net seller of overseas real estate
2. Chinese government is clamping down on cash outflows from the country
3. New York is big enough to absorb the exit of Chinese buyers, but growth will be slowed
4. Same thing happened in late 1980s with Japanese investors

https://www.ozy.com/fast-forward/why-china-fell-out-of-love-with-new-york-property/95218
Title: Foreign purchases of American homes plunge 36% as Chinese buyers flee the market
Post by: icey on July 17, 2019, 07:08:07 PM

Quote
A confluence of many factors — slower economic growth abroad, tighter capital controls in China, a stronger U.S. dollar and a low inventory of homes for sale — contributed to the pullback of foreign buyers,” said Lawrence Yun, NAR’s chief economist. “However, the magnitude of the decline is quite striking, implying less confidence in owning a property in the U.S.

Quote
The Chinese may also be souring on U.S. real estate due to the current political climate. Anecdotally, real estate agents in California have seen a pullback in Chinese buyer demand. Southern California had been particularly popular with Chinese parents hoping to send their children to American colleges.

https://www.cnbc.com/2019/07/17/foreign-purchases-of-american-homes-plunge-36percent-as-chinese-buyers-flee.html

Curious if any agents here are noticing the same thing?
SimplePortal 2.3.7 © 2008-2020, SimplePortal