June 7, 2016

Chinese luxury real estate investments leaving the ‘golden age,’ broker says

Posted in Keith Knutsson, Real Estate at 6:54 am by Keith Knutsson

As the Chinese economy is in the midst of a transition, so too, is America’s luxury real estate market, a top broker told CNBC.

Chinese investors in U.S. real estate have shifted away from “golden-age” trophy properties and toward “silver” level properties near good school systems, Jacky Teplitzky of Douglas Elliman told CNBC’s “Power Lunch.”

“What we are seeing now is people coming in and investing … here in the city, in Manhattan, but also actually in the north shore of Long Island,” Teplitzky said.

But that doesn’t mean business is slowing down, she added. For instance, at New York City’s 135 W. 52nd Street, her team still advertises the custom luxury condos, golf simulator and the 75-foot pool in New York City, in international publications and in China, she said.

China’s economy is now expected to grow at a slower pace than it has over the past five years, leaving Wall Street clinging to each economic data point.

But Chinese investors have long favored U.S. real estate, with many considering the United States the most “stable and secure real estate investment destination,” according to research by Deloitte. Indeed, the world’s priciest apartment is in talks to be sold in New York, Hiten Samtani, managing editor of The Real Deal, told CNBC.

Source: http://www.cnbc.com/2016/06/06/chinese-luxury-real-estate-investments-leaving-the-golden-age-broker-says.html

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