Chinese Investors Estimated to Invest $6.5 billion in New York City in 2015
Chinese investors and developers are buying New York City’s iconic buildings at never-before-seen levels, sometimes paying prices that other local buyers baulk at.
“Frenzy is perhaps appropriate in characterizing it,” said real estate technology executive Karen Yan of JinList.com, who is familiar with some ongoing transactions. “New York is the favorite place for Chinese investment capital, and Mid-town Manhattan is a big magnet for them.”
So far this year, the Chinese have spent more than $3.8 billion on Manhattan real estate, a more than threefold increase over what they spent in all of 20141. The Economics Department at JinList.com forecasts Chinese investment in New York real estate is on pace to reach $6.5 billion for 2015.
Some of the investments include:
Anbang paid $415 million for 717 Fifth Avenue.
Fosun International is buying a 50% stake in a residential development project at 15 East 30th Street.
Kuafu Properties has agreed to build a $340 million mixed-use skyscraper on the corner of East 86th Street and Lexington Avenue.
Chinese capital going into U.S. commercial real estate transactions topped $10 billion in 2014 for the first time, after averaging 72% annual increases since 2010, according to statistics by National Association of Realtors.
“Russians used to be the No. 1 residential foreign buyers in the New York, now it’s the Chinese,” said Yan.
The new Chinese investors are purchasing trophy assets in Midtown Manhattan as well as assets in the other boroughs.
Traffic at JinList.com, the leading technology platform that connects affluent Chinese buyers with real estate professionals, reached record levels during 2nd quarter 2015, commented Yan. There has been a marked increase in interested Chinese buyers who are using JinList.com and its affiliate sites to inquire about possible purchases in cities all across the continental U.S. To meet this growing demand, JinList.com has recently completed extensive system upgrades, Yan explained. These system upgrades, coupled with recently completed new software releases, provide for a speedier and smoother user experience.
Along with the record levels of traffic, the number of leads given to members are also increasing. Yan noted that a factor contributing to increased leads is the Internet ecosystem where affiliate sites (Jinti.com and Jinti.net ) help generate traffic for JinList.com.
To become a JinList.com member, click here and you will be posting listings in 1 minute.
Footnote: 1. July 2015 Real Capital Analytics.
JinList™ Forecasts Chinese Purchases of U.S. Real Estate to Reach $38 Billion
With the recent big swings in the Chinese stock market, some are questioning if this will have an impact on the current record setting purchases of U.S. real estate by affluent Chinese buyers. Karen Yan, Executive Vice President of JinList.com, commented “We do not expect a slowdown in purchases of U.S. real estate by Chinese buyers. They typically have limited exposure to the stock market, which averaged only 15% of household wealth. In addition, some Chinese cashed out during the last bull run in the market.” Rather, Yan added that with the new visa rules and loosening of currency ... Read More
Chinese The Top Buyer of U.S. Residential Real Estate
China is now officially the top international buyer of U.S. residential real estate in units purchased, dollar volume and average price paid, according to a report from the National Association of Realtors (NAR), which tracks property purchases across the country.
For the year ended March 31, 2015, Chinese (from People’s Republic, Taiwan and Hong Kong) purchased $28.6 billion of real estate in the U.S., a 30% increase over the previous year, according to NAR. Read More
About JinList.com
JinList.com is a professional online platform dedicated to connecting affluent Chinese buyers with real estate professionals.
JinList™ has direct access to over 11.8 million registered users in 363 cities throughout China behind its Great Firewall. It is also connected with local Chinese communities in over 200 cities in North America. JinList™ helps real estate professionals and developers promote their expertise, brand and property listings among high net worth Chinese buyers. JinList™ has a dedicated professional team based in Shanghai, China and Great Neck, NY. JinList™ local translators get your listings seen in China and translate your property descriptions in idiomatic Chinese.
JinList.com utilizes breakthrough technologies and innovative products that captivate people.
The JinList™ audience is engaged, ready to listen and make purchase decisions. Becoming a JinList.com member will extend your visibility and reach into a diverse, rich, and Internet-savvy group of buyers.
If you would like JinList™ to help grow your Chinese business, sign up and start submitting your listings today. For any questions, please feel free to contact us at contactus@Jinlist.com
Sign Up
This is an original publication by JinList.com. Although citation with full acknowledgement may be allowed, no copy or republication is permitted without written consent by JinList.com.
