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]
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