Wei Min mentioned as foreign buyer specialist in China’s Wealthy Buying New York Luxury Condominiums

Posted by Wei Min Tan on September 21, 2017

Publication:  New York Times

 

Summary:  This article by New York Times journalist Claire Wilson is one of the very first write ups about  wealthy buyers from China coming to Manhattan to purchase property.  Top brokers are interviewed regarding this new clientele from China.  It covers the types of property that Chinese buyers invest in (Condos), amenities they like (full service, swimming pool), style of buildings (usually new glass curtain buildings).

 

Wei Min’s comments in article:  Cash is the coin of the realm.  Brokers estimate that 50 percent to 75 percent of  transactions by Chinese in New York do not involve mortgages. Culturally, Asians are loan-averse, thinking that coming to the table with less than the asking price will reflect negatively on them, said Wei Min Tan, a principal of Castle Avenue Partners.

To circumvent the language barrier, the companies interviewed for this article have staff members who are Chinese speakers. Mr. Tan of the Castle Avenue Group speaks Cantonese, Mandarin and the Hokkien dialect.

“The quality of life is better,” Mr. Tan said. “Work hours are better, and there is a better family and work/life balance.”



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+1.212.380.6134



641 Lexington Avenue,
22nd floor,
New York, NY 10022





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Wei Min Tan is a property broker focusing on Manhattan, New York luxury condominiums and foreign buyers. He is often interviewed by the media including CNN, The New York Times and The Wall Street Journal on the subject of foreign buyers of Manhattan property.