The appetite of Chinese buyers for Manhattan real estate in the past few years has expanded to the more exclusive areas of Long Island, reports the New York Times (6 February 2015). Most Chinese are attracted to Long Island – particularly in the North Shore’s Gold Coast – for its lifestyle and top-performing schools. The US has seen a surge in Chinese property investors, greatly due to the new 10-year tourist and business visa scheme introduced in November 2014 between the US and China. “It makes buying a vacation home here much easier and has certainly led to more deals being done,” says Andrew Taylor, Co-CEO of Juwai.com. According to data from NAR and Juwai.com, Chinese buyers spent over US$22 billion in US property in 2014, and are either the largest or second largest group of foreign property buyers for 46 of the 50 states in the US.
