Posted on 01/12/2014 12:01:29 PM PST by SeekAndFind
New York) - The strong recovery of the housing market is attracting international buyers in record numbers reaching $82 billion in 2012. The National Association of Realtors (NAR) reports that after Canada, the People’s Republic of China (PRC) shows the strongest demand for U.S. residential property.
The Manhattan skyline has long been a magnet for global real estate investors, but travel ten miles away from the island to Flushing, Queens and you'll find Sky View Parc. The development is one of a growing number of properties in New York City and around the country in which Chinese nationals are investing.
A 1,300-square-foot apartment with a large wraparound terrace sold for nearly $1 million dollars at Sky View Parc. Walking through the building, it's easy to forget you're not in one of Shanghai's glimmering residential towers -- yes, the building is that posh. To some, the appeal of this development is convenience (several big-box retailers occupy the ground floor) and familiarity – Flushing has one of the largest Chinese-American communities in the country.
Others are emboldened by the PRC’s loosening restrictions on the flow of capital and are now looking to invest in American real estate. Evidence suggests these buyers are now expanding their search for properties beyond traditionally upscale areas of the country and New York City. "Brooklyn, the Bronx, Queens, the Chinese are not just buying in Manhattan," said Helen Lee, an executive at Onex Real Estate which developed Sky View Parc.
(Excerpt) Read more at america.aljazeera.com ...
There appears to be a race between Mexico and China to see who will take over America first. My money is on Mexico but I won’t be learning Spanish until it’s all said and done.
Drive up them home values. Sounds like a good idea to me.
You can expect rent to rise rapidly where the Chinese are investing. Ten years ago, in my city, I could get a one bedroom for $400/month.
Now, there is nothing decent for less than $800/month.
Are foreigners allowed to buy land in China?
I do not believe so.
At the very least, not non-Chinese.
China is quite focused on race. Big time.
I read, on another thread, that China is sending products to Meheeco for processing/packaging, so they don't say Made in China....nothing surprises me, anymore.
Why would we let them buy our land if we cannot buy their land? That shouldn’t be allowed.
Yes, but when you sell you have to keep the profits inside the country.
However, no one wants to invest in Chinese real estate, because their bubble is about five times the bubbliest that California got before the crash. This is why they are looking abroad, because we look cheap to them. Like the Japanese in the late 80s, who were buying up American real estate, we will end up with a bunch of nice buildings that they can't move back, and had to sell at a loss.
China is (much) different from America.
I don’t think a lot of people, realize how different.
Are you sure westerners are also welcome to buy land in China?
Just checking.
I know there was a difference based on whether one was “Chinese” in heritage or not. Can’t really imagine that has changed.
China is still a communist nation.
Good point.
I was told by a white American woman living in Hong Kong a few years ago that she could by houses, even in mainland China. The profits had to stay in the country though, which was the only restriction she mentioned. I don’t know if she had to be legally able to work in the country, or an out of country foreigner could also buy. If she had done that when we were talking about it, it would have been a very good investment for her. But today, it would be a terrible investment. This is why Chinese are looking elsewhere.
I have no problem with this. I remember it was the Japanese, and people were panicking. I said “Why? They aren’t going to pick it up and take it with them. It just drives up the price of my house.”
In many countries foreigners aren’t allowed to buy real estate.
I’ve been buying properties here in Palm Beach county (3 in the past 4 months) and can attest that the Chinese (and others) are snapping up stuff here left and right.
OK I’d be interested to hear more.
My information is not current, so things could have changed, but my information is that no foreigners could own land in China.
Not non-Chinese.
Any additional information on this? Mine isn’t current, so it could have changed.
Would be interested to know the current situation.
Not being able to repatriate money is a huge drawback.
I think there is a lot of that, working in the commercial aspect also.
So all the “American” companies working there, cannot currently bring their money home.
Like I said though, there are huge differences.
“Now we got’em where we want”em!!!! Our old Japanese real estate scam./s
Sky View Parc is within walking distance of Citi Field and one can only hope such a walk will be safe. A great site for Mets fans.
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