China's new capital controls have caused Chinese buyers to switch investment tactics in New York City, reports The Real Deal (21 February 2017). While Chinese now face more obstacles in transferring money from China, this has not curbed their investment appetite nor buying activity in New York City. Rather, it has led them to veer away from high-end luxury real estate to now focus on properties that offer more value for money instead, as well as turn towards banks and private lenders for financial loans. According to Corcoran CEO Pam Liebman, the vast majority of Chinese enquiries they receive via a partnership with a leading international property website China listings site Juwai.com are on the lower end of the price spectrum. “The real sweet spot is $1 million to $2 million. For people who aren’t super wealthy, but have enough money to transfer funds here to diversify their assets, it’s a number that makes sense,” said Liebman. Chinese buyers spent $14.3 billion investing in New York alone last year, according to research from JLL Global Capital Flows.
