Chinese Buyers In Manhattan’s Condo Market
Posted by Wei Min Tan on October 30, 2017
Publication: Commercial Property Executive
Summary: Wei Min Tan interviewed on foreign buyers from Asian coming to invest in Manhattan property.
Wei Min’s comments in article:
While Manhattan remains the crown jewel of real estate investment worldwide, not everyone can afford the pricey luxury.
To some affluent foreigners, however, the Big Apple is still a bargain compared to some other cities, especially the Chinese, who have been buying up New York condominiums in larger numbers the past three years, according to Wei Min Tan, a broker at Manhattan-based Rutenberg Realty, who specializes in Chinese and Asian buyers.
“Traditionally (Chinese buyers) have been going to California, just because its closer, but now it’s natural for them to come to New York, because it’s a much stronger brand,” he told Commercial Property Executive. “For high-net worth individuals who want to get a piece of the most blue-chip cities, it’s always New York or London, but London is a lot more expensive than New York.”