A Chinese rich man buys a New York apartment for his 2-year-old daughter

A Chinese rich man buys a New York apartment for his 2-year-old daughter The "Wall Street Journal" published an article on February 25. Kevin Long is a real estate agent of Sotheby's Real Estate in New York...

According to data from Core Logic, an American real estate data analysis company, the New York housing price index rose 7% year-on-year in December last year. Chinese people tend to buy up prices rather than down prices, so rising prices will stimulate more demand. In China, there are 2.7 million people with net assets of more than US$1 million, 30% of whom invest in real estate overseas. The first batch of super-rich people to go abroad focus on high-end properties and mainly buy houses with cash. Now more ordinary buyers are starting to go out, and they generally adopt the same mortgage practices as when buying a house in China.

The United States is still the most popular country for Chinese home buyers. Among the 12 million potential home buyers who participated in the survey, 43% said that immigration was the main purpose of buying overseas property. Los Angeles, New York, San Francisco, Washington, D.C., and Boston rounded out the top 5 preferred cities.

In addition, the proportion of home buyers with a budget of US$500,000 and above accounts for more than 60%. The composition of Brown's customers has changed accordingly. "Three years ago, about 12% of my customers were Chinese. Last year, it increased to 20%. Now about one-third are from China."

Chinese students studying abroad flock here, and their parents want to provide them with the same comfortable environment here as at home. Gao Yiqiu from Chengdu is 21 years old. Although she is only a junior at Pace University in New York, she has lived in the famous 99John for more than two years. The building has been one of Manhattan's landmark residences for the past 80 years.

After enrolling in school in September 2010, Gao rented a small suite in this building. A month later, her parents decided to buy a one-bedroom apartment here. The total price at that time was almost US$800,000. They chose to get a loan from HSBC Bank in the United States.

Ryan Han, a real estate agent from Gao's time, said that although the mortgage payment method in the United States has been completely opened to Chinese buyers, the review threshold for personal credit and other qualifications is very high. "The vast majority of Chinese buyers still choose one-time Pay off the house. As housing prices rise, those buyers who do not pay the entire amount at once generally choose 50% mortgages, but these people are actually very wealthy customers with sufficient bank deposit certificates. "

Since January, residential real estate prices in New York have increased slightly. At the same time, "Chinese buyers continue to come, and they have strong interest in any property with room for appreciation." Sirhan said that his own real estate company completed transactions worth US$70 million in January, and 30% of its customers were Chinese.

Sirhan said: "In the next 12 to 18 months, the average price per square foot in New York will rise to US$2,000, but compared with cities like Hong Kong, Shanghai, and Beijing, this is not expensive. Wealthy Chinese come to New York to diversify investment risks, because buying a house in domestic big cities may be more expensive."