Chinese eye on New York properties for sale

1. The city of New York is emerging as the most attractive real estate investment option for international real estate buyers. The real estate buyers from China (Beijing) based firms are planning for some pre-holiday shopping in New York City. High on the wish list are development sites in which one of the Beijing based firm proposing to spend as much as $100 million in coming weeks. This firm plans to break ground before the end of the year on the site in Williamsburg that it invested in 2012 for $54 million. At that site, 421 Kent St. the firm is proposing to build nearly 500,000 square foot of residential complex with 216 condominium apartments, a park like courtyard, an indoor lap pool and a 103 car private garage. There is now growing number of Chinese based real estate developers and investment firms that are expecting to reap rich benefits by investing in real estate NYC for a long period. The activity on behalf of Chinese buyers is being driven by the New York real estate markets record of delivering strong profits on investors over the long period and by current prices that are low or inexpensive compared with those fetched by similar properties back in China. There is also top down approach being followed by Chinese government, which is allowing transactions pertaining to investing in real estate abroad. The approvals from the Chinese government flowing freely have led to the crowding of the Chinese investors window-shopping for New York real estate swelling. Chinese eye on New York properties for sale

2. The Chinese property developers are completing deals in developed markets as of now because these developers wants to learn how real estate projects are developed, operated and marketed in real estate NYC. One of the firms that are seeking investment in the real estate NYC is the China Vanke, which is one of the largest residential developers in China, and the state owned China Investment Corp. A number of financial firms are helping these buyers/real estate developers by providing the necessary financial support to get the job done. The East West Bank has more than doubled its loan book to $25 billion largely due to its business of financing to China based property buyers in the U.S based in Pasadena, California with several of its branches located in New York as well as in China. The East West Bank has followed a successful strategy of fostering the growth of clients in China and then lending them once they come over to United States. Majority of New York real estate brokersare bullish on the Chinese buying activity by taking steps to get their own share of the business. These real estate brokers are even hiring translators who speak three dialects of Chinese to help them better communicate with Chinese buyers. The Chinese firms in the course of strengthening up their activities in this city are learning lessons from the last great wave of investments that came from Far East (Japan) some three decades back when Japanese buyers made huge investments for some of the New York City’s most famous properties such as Rockefeller Center. Later on, these Japanese real estate buyers suffered losses when real estate market crashed in the early 1990’s.