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Chinese buying up real estate in New York

Posted on 15 August 2011

Chinese banks have poured more than $1 billion into real estate loans in New York in the past year. Investors from China are snapping up luxury apartments and planning to spend hundreds of millions of dollars on commercial and residential projects like Atlantic Yards in Brooklyn. Chinese companies have signed major leases at the Empire State Building and at 1 World Trade Center, the centerpiece of rebuilding at ground zero.

Investment in the city by companies and entrepreneurs from China has been surging in the past few years, recalling the boom in Japanese investment that swept the region in the 1980s and helping to buoy the local economy even as the country as a whole struggles to get out of recession……………………………………….Full Article: Source

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Laxman - who has written 28515 posts on Opalesque Real Estate Briefing.


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