The Real Deal New York

Rocky Chinese housing market spurs NYC investment

Chinese housing prices fell for the fifth consecutive month in August
September 06, 2014 02:00PM

The Chinese real estate market continues to struggle, which may ultimately be a boon for New York City property owners.

Two private surveys show that housing prices across China fell 0.3 percent in August — the fifth consecutive month of decline, according to the International Business Times.

And that rocking real estate market back home is encouraging wealthy Chinese to continue to push into the New York City market.

“For all the talk about China being the place to be, that China is going to eat our lunch, that China’s economy is going to be the biggest and the best, it’s worth remembering that so many people in China just want to get their money out,” Patrick Chovanec, an expert in the Chinese economy at Silvercrest Asset Management, said. [IBT]Christopher Cameron