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A second home for affluent Chinese
By Juwai, 13 August 2012
The boxy glass 15 Union Square West appeals to Chinese buyers, brokers say. (Marilynn K. Yee/The New York Times)
Wealthy buyers from mainland China, a rapidly expanding economy of 1.3 billion people, are increasingly turning to Manhattan for their luxury real estate purchases, brokers say. Claire Wilson reports for The New York Times. August 12, 2011 -- In about two years, what was at first a trickle of inquiries has grown to a stream of freshly minted high-net-worth Chinese businesspeople hunting for condominiums for $500,000 to $10 million and up. The average purchase is a one-bedroom apartment for about $1.45 million, said Pamela Liebman, the chief executive of the Corcoran Group.
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