Chinese Investment Is Changing Course. Here’s Why.
Chinese buyers have switched from trophy real estate to cheaper digs for the time being. Well, relatively cheaper. Wealthy Chinese don’t want to make waves while the government’s anti-corruption dogs are on the hunt.
Not to mention China’s tighter foreign purchase regulations and its stock market dip over the summer have shifted buying habits, from $70M buys to closer to $1M, The Real Deal reports.
Developer Gary Barnett is ready for the new preferences—his One Manhattan Square project will be 800 condos strictly for East Asian buyers, priced from $1M to $3M.
Lower price point doesn’t mean shy about spending, though. CEO of Platinum Properties Khashy Eyn says Chinese buyers will buy his $1M units in cash. When sales opened at Onex Real Estate Partners’ Grand at Sky View Parc, buyers snatched up $85M in condos during the first weekend. [TRD]