China is going to begin to allow residents of a Shanghai free-trade zone to buy overseas assets directly. This may lead to loosen of capital outflow throughout China. Currently, Chinese buyers of Manhattan real estate need to do so through a company or by smuggling cash to Hong Kong. In September, it was reported that $194 billion left the county. What do you think looser regulations if maintained will have on the New York City real estate market?
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From 2013-14, Bank of China was involved with $4.73 billion in top loans for prominent NYC properties according to the Commercial Observer. Now with the decrease in value of the Yuan and Chinese economy reeling how will that affect available capital for large NYC projects? Several heavy hitters including SL Green have relied on loans from Bank of China. Will refinancing these loans be difficult due to a drying up of Chinese lenders?
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker