According to The Epoch Times, a survey that was done by the Real Estate Board of New York(REBNY) of about 400 real estate brokers showed that about 10% of the brokers had concerns about a slowdown of Chinese buyers for Manhattan real estate. The survey was compiled prior to the stock market crash in China so that was not a factor. Some experts feel that options for Chinese investment became fewer with the market crash.
Since 2013, the Chinese government has been making it harder to get money out of the country. Additionally, EB-5 visas were delivering green cards in exchage for a $500k investment in about 1 year but due to demand, green cards are now being received in about 3 years.
According to some experts who deal with wealthy Chinese, some of the deals that are now being consummated for luxury residential Manhattan real estate are being purchased with money that was already taken out of the country in prior years.
One loophole is to purchase collectible items like art in China and then sell it overseas since there isn’t a limit on personal property being moved out of China.
What do you think the impact will be on Manhattan’s real estate market if any?