Associated Press interviews Wei Min on impact of the yuan’s devaluation

Posted by Wei Min Tan on November 14, 2017

Publication:  Associated Press

 

Summary:  As China’s economy is slowing down and the yuan devalues, Chinese buyers are taking money out of China and investing in U.S. real estate.  The yuan fell 2.6 percent against the dollar to 6.37 yuan to $1  but that is still more favorable than 5 years ago when it was 6.77 yuan to $1.

In reaction, some Chinese are even selling property in China to buy property in the U.S. and Canada.  Foreign buyers represent about 4 percent of U.S. home sales.  Within the category of foreign buyers, buyers from China is the majority.

 

Wei Min’s comments in article:  For now, the change in the currency is likely not enough to dissuade well-heeled homebuyers from China, said Wei Min Tan, a real estate broker who caters to investors looking to buy condominiums in Manhattan.  “My clients may say, ’OK, I’ll just negotiate an extra 5 percent off,” said Tan, whose clients tend to buy condos priced between $1 million and $5 million.



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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.