The Real Deal New York

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  • The most unaffordable real estate isn’t in NY — it’s in Asia

    Returns from rents in Asian cities is "remarkably low," report says
    2017 January 20 10:02AM

    Hong Kong (Credit: Exploringlife via Wikipedia)

    Think New York City real estate is expensive? In Hong Kong, Mumbai, Beijing and Shanghai, homebuyers may be saving for three decades to buy a modest home. [more]

  • Xi Jinping and Donald Trump (Credit: Getty Images)

    What a difference a year can make. Last January, New York real estate’s top brass were losing their hair over a looming crisis in China. At a memorable ULI New York panel, developers bemoaned the disappearance of big-ticket Chinese investors. [more]

  • EB-5 investors are California dreamin’

    More than half of all EB-5 investors and their family members live in California: report
    2017 January 13 04:05PM By Cathaleen Chen

    Sally Forster Jones and Michael Nourmand

    From the Los Angeles website: West Coast, best coast. That’s certainly the attitude among EB-5 investors, the majority of whom choose to live in California, according to a recent report from the Department of Commerce. According to U.S. Citizenship and Immigration Services data recorded between 2009 and 2014, over 8,000 EB-5 investors and their family members resided in California  —  more than half of all EB-5 investors in the U.S. [more]

  • Chinese foreign investment to drop: report

    Gov't think tank estimates that direct investments will drop to $118B
    2017 January 13 09:05AM

    From top: Shanghai and New York City

    Chinese overseas investment — a boon to New York real estate in recent years — is poised to drop for the first time in about 15 years, according to a new report by a government think tank. [more]

  • Inside TheRealDeal
  • China’s move to curb offshore investment will fail: OPINION

    Bloomberg columnist says there are plenty of ways to dodge the laws
    2017 January 12 05:36PM

    The Yuan bill and the New York City skyline

    The Chinese government is ramping up its efforts to stop locals from buying real estate abroad, but some are questioning if the new laws will do anything to slow capital outflows.

    As of Jan. 1, citizens are required to pledge to banks they will not use funds to buy property overseas. In November, the government put a ban on state-owned enterprises buying property worth more than $1 billion. The $50,000 that each individual is permitted to convert every year can now only be used for travel or medical services. [more]

  • Obama administration’s new EB-5 bill could cool use of program by developers

    Under new proposal, investment thresholds would rise
    2017 January 12 05:05PM By Katherine Clarke

    Barack Obama

    A new proposal from the Obama administration may derail the real estate industry’s EB-5 gravy train.

    On Thursday, the administration proposed amending the EB-5 program to clamp down on reported abuses. If enacted, the suggested changes would likely have a cooling effect on developers’ ability to leverage the program to fund projects in wealthy areas of Manhattan, sources said. [more]

  • Worries grow over Chinese insurers’ financial health

    Firms like Anbang rely on short-term deposits, but invest long-term
    2017 January 11 09:00AM
    The Waldorf-Astoria and Wu Xiaohui (inset)

    The Waldorf Astoria and Anbang’s Wu Xiaohui (inset)

    As China’s insurance giants grow and snap up properties in New York and elsewhere, observers and regulators are increasingly worried about the industry’s reliance on risky short-term deposits. [more]

  • CRE execs see Trump, interest rates as big risks for 2017

    “Offshore capital is saving the core and core-plus markets,” says NGKF's Kuhn
    2017 January 10 05:20PM By Konrad Putzier

    From left: Lauren Hochfelder Silverman, Bill Rudin and James Kuhn (Credit: STUDIO SCRIVO)

    When the Urban Land Institute’s New York division gathered a year ago to give its outlook for the real estate market in 2016, fears over the Chinese economy and global markets dominated. Now, a year later, the outlook has reversed. Industry leaders now fear instability from within the U.S., and see foreign capital as a stabilizing force. [more]

  • Chinese investors bet on the ’burbs

    Despite fears about China’s outbound capital limits, investors are cashing in on Westchester
    2017 January 06 08:41AM By Tobias Salinger

    Left to right: Arthur Collins, Collins Enterprises; Ning Yuan, Strategic Capital; Yi Lui, Consulate General of China; Dwight Collins, Collins Enterprises; and Yonkers Mayor Mike Spano at the groundbreaking of the Hudson Park River Club.

    From the special Westchester issue: Strategic Capital could have spent its money anywhere. But executives at the firm, the American arm of a Chinese state-owned company, bet on Yonkers — investing in a partially completed waterfront site.

    The company — the real estate investment arm of China Construction America, one of the world’s biggest construction and real estate giants — will invest $270 million over three years on the once-stalled 16-acre mixed-use development called Hudson Park, which sits between the Hudson River and the Yonkers Metro-North station. A 213-unit residential tower slated to open in early 2018 will be the final touch on the project.[more]

  • The Real Deal’s Westchester market report is live!

    Inside: The county's rental boom, Chinese investment makes waves and more
    2017 January 04 03:50PM

    After the New York Times dubbed the so-called Westchester river towns “hipsturbia” in a 2013 profile of the area, the county at large caught millennial fever.

    In The Real Deal‘s inaugural Westchester Market Report, we explore how the county is no longer a land of just white picket fences and single-family homes. Along with yoga studios and gluten-free bakeries, rental towers are popping up in more dense areas, targeting millennials. By the end of the third quarter of 2016, developers had obtained nearly double the number of multifamily building permits as in each of the previous four years. [more]

  • Chinese buyers grow savvier about US real estate

    Investors increasingly look beyond New York
    2017 January 02 11:00AM

    As Chinese real estate investors become more familiar with the U.S. market, they are starting to look beyond New York City and Los Angeles. [more]

  • Hong Kong: home to the $2.2B parking garage

    Development site expected to sell in Q1
    2016 December 30 10:30AM

    The Murray Road multi-story car park in the Central district of Hong Kong, China (Credit: Bloomberg via Getty Images)

    The most expensive Manhattan office skyscraper to trade hands in 2016 sold for $1.9 billion. In Hong Kong, a parking garage might soon sell for more than that. [more]

  • Chinese sovereign fund, using Invesco as middleman, buys 1221 Sixth stake

    CIC's 45% interest in Midtown office tower valued at $1B
    2016 December 28 12:45PM By Mark Maurer

    From left: CIC’s Ding-Xuedong, 1221 Sixth Avenue (credit: Cushman and Wakefield) and CPP’s Mark Machin

    China Investment Corporation bought a 45 percent stake in the former McGraw-Hill Building at 1221 Sixth Avenue, sources familiar with the transaction told The Real Deal. CIC, a Chinese sovereign wealth fund, bought the stake through Invesco, sources said, in a deal valued at $1.03 billion. [more]

  • Chinese investors targeting mid-tier US real estate

    Developers like China Vanke look to avoid the volatile luxury market
    2016 December 27 02:59PM

    Managing director of Vanke Holdings USA Kai-yan Lee (Source: LinkedIn)

    Chinese institutional investors, facing highly leveraged markets at home, are shifting their focus from the volatile luxury sector to the more stable middle market in the U.S.

    Lower priced residential properties and rentals, student housing, senior-living centers and skilled nursing homes are all becoming more attractive to Chinese investors, the Wall Street Journal reported. In recent years, Chinese investors have taken on high-risk luxury developments in Manhattan. The U.S. arm of Shanghai Municipal Investment, for example, has made significant investments in the city in past year. [more]

  • Chinese cities are undergoing an insane housing boom with prices up as much as 43% in a year

    Nanjing is the hottest property market in the world
    2016 December 26 03:00PM By Business Insider
    Chinese Housing

    Housing under construction in China (image via the Chairman’s Boa)

    House prices in leading Chinese cities are exploding, according to figures from property consultancy and estate agency Knight Frank.

    Eight out of the top 10 cities for fastest growing prices globally in the third quarter of the year were in China, according to Knight Frank, and 10 Chinese cities recorded annual price growth above 20%. [more]

  • Vanke loses $10B in market value amid takeover uncertainty

    Chinese regulators may block acquisition by Evergrande
    2016 December 21 11:05AM

    Wang Shi

    Chinese development giant China Vanke has lost $10 billion in market value in December, as investors are selling off shares amid fears that government intervention could complicate the company’s takeover.

    Rival real estate firms China Evergrande Group and Baoneng Group are battling to take over China’s largest public real estate company. But Beijing regulators recently indicated they might crack down on leveraged buyouts, putting a deal in question. China Vanke’s stock has fallen by 23 percent this month. [more]

  • Elmhurst developer eyes $91M sellout for 138-unit project

    Kai Tai Yeung plans to build 148K sf condo building at 45-16 83rd Street
    2016 December 20 01:10PM By Rich Bockmann

    45-16 83rd Street in Elmhurst

    Flushing-based developer Kai Tai Yeung is eyeing a $91 million sellout at his planned condominium project in Elmhurst.

    Yeung, head of the Young Shing Trading restaurant-equipment supplier in Maspeth, filed a condo offering plan with the state Attorney General’s office for the 138-unit project at 45-16 83rd Street (also listed as 45-16 82nd Street). [more]

  • Vancouver

    Vancouver

    Looking for Vancouver real estate and think you’re getting the shaft? Well don’t feel too bad, there’s a few sellers that are looking to take foreign buyers for even more of a ride. Here’s our favorite listings on the other side of the Great Firewall, that are pushing the boundaries of what foreign buyers are willing to pay. [more]

  • Fed puts pressure on Chinese bond bubble

    Beijing briefly suspends trading amid market slide
    2016 December 16 11:08AM

    20 renminbi yuan bill shown next to the hills on the bill

    Is the Federal Reserve popping the Chinese bond market bubble? The central bank’s Wednesday announcement that it will raise interest rates more aggressively in 2017 caused bond prices in China to tumble.

    On Thursday, Chinese authorities briefly stopped trading in some bond futures in a bid to stem the slide. Chinese 10-year government bond yields (which rise as prices fall) hit a 16-month high of 3.4 percent. [more]

  • EB-5 visa program gets another lifeline until end of April

    A new bill would likely raise investment to $800K and redefine targeted employment areas
    2016 December 13 05:35PM By Katherine Kallergis

    056 EB5 se FINAL.indd

    From the South Florida website: Congress extended the EB-5 program until April 28, marking yet another short-term renewal of the controversial visa program.

    The program, which grants foreign investors green cards after they invest at least $500,000 in job-producing ventures, was set to expire on Friday. EB-5 was included in the continuing resolution Congress passed. [more]

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