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.”