It’s a buying frenzy: Chinese investors, who have taken NYC’s real estate market by storm in recent years, are now buying up large amounts of Japan as the yen declines.
Brokerages in Beijing are organizing twice-monthly tours to Tokyo and Osaka, where investors shop for properties over a three-day period, according to the Taipei Times. Similar tours are launching in Shanghai, with the Japanese yen hitting a 22-year low and excitement over the 2020 Tokyo Olympics building.
“The demand is like water exploding up from a well,” Zhou Yinan, an Osaka-based agent at Chinese brokerage SouFun Holdings told the Taipei Times, adding that he is seeing about 20 percent more Chinese buyers than at this time last year. “The buyers had mainly been from Taiwan until last year, but that trend reversed since October [last year] as the yen weakened against the yuan.”[Taipei Times] – Christopher Cameron