Publication:  South China Morning Post

Summary:  SCMP’s Peggy Sito writes about the trend of Hong Kong residents investing in Manhattan property.  This is driven by Manhattan’s status as an international finance center and the perceived instability of property in Hong Kong.

Wei Min’s comments:  Weimin Tan, managing director of Castle Avenue Partners at Rutenberg Realty based in New York, said his firm’s sales volume jumped five times in the first eight months when compared with the same period last year.

“Most buyers come from Hong Kong and China,” said Tan. “They bought to diversify and wanted to get a piece of Manhattan, attracted by its brand name.”

In some cases buyers were establishing homes for children studying in New York, he said.

In the Wealth Report by Knight Frank and Citi Private Bank, New York was voted the second most important global city after London, and also the second in importance for high-net-worth individuals. It was ranked third in the quality of life category, second in the knowledge and influence category, and third and second in political and economic activity respectively.

Tan said mainland buyers of New York apartments were on the rise. ‘We have Chinese clients buying every week,” he said. “They come from Chengdu, Shanghai, and Guangzhou.

“Average property prices in Manhattan increased 9 per cent per year from US$328 per square foot in 1997 to US$1117 per sq ft in 2011,” said Tan.