:no_upscale():quality(75))
With trouble at home, Chinese investment in NYC and the US at large is expected to slow.
That’s according to a new report from the Asia Society, which says that although there will be a slowdown, the faucet won’t turn off completely—$58B is still expected to come commercial real estate’s way between 2016 and 2020 from Chinese investors.
The Chinese government is also taking longer to approve investments abroad than it used to as Beijing tries to limit the exodus of domestic cash overseas, The Real Deal reports.
Developers are divided on what this means—Jeff Blau, CEO of Related Cos, thinks developers need to look for new sources of funding. Yet others believe Chinese buyers will only become more eager to stash their money in a safe haven as China’s economic turmoil increases. [TRD]
