It's only halfway through the year and already Chinese investors have spent $3.8B on Manhattan real estate, triple what they spent all of last year. The Chinese have replaced the Canadians as the No. 1 foreign buyers of residential real estate in New York, continually outbidding domestic buyers. And they're snatching up big ticket items like the Waldorf Astoria and One Chase Manhattan Plaza. So what's with the surge of interest? Investors are wary of China's unstable stock market, and they see New York as a safe bet, the New York Daily News reports. And as Chinese wealth grows, the country's government is allowing more investing overseas. Some are concerned this could become a repeat of the 1980s, when Japanese investors poured a lot of money into the New York market only to lose money selling their assets back in the mid-'90s. However, experts say the Chinese have learned from those mistakes, which is why they're partnering with local experts and players, like the way Kuafu purchased the top floors of One MiMA Tower (pictured). Yeung Development's Shing Wah Yeung says major cities like New York always feel safe, but he also notes, "you never see a downturn until it comes." [NYDN]