New York City Real Estate

Brooklyn real estate offers more than a greencard for Chinese buyers

pic

If you ask a New Yorker where to find the most authentic Chinese food, they might suggest dim sum at the Nom Wah Tea Parlor, or try something at the Peking Duck House. Both restaurants are located in Chinatown, a densely populated Lower Manhattan neighborhourhood.
But increasingly, if you ask a New Yorker where to find the most authentic Chinese food, they might tell you to go to Brooklyn. Devotees of hot pot, a fondue-esque specialty from China's Fujian Province, are lining up at eateries in Sunset Park, Brooklyn's first Chinatown. This middle-class neighborhood now claims the highest concentration of Chinese immigrants in the borough.

Since the Great Recession, snapping up prime real estate in coastal American cities, has become an increasingly popular activity with China's wealthy. In 2014, for the first time, the Chinese bought more Manhattan apartments than did the Russians, according to Reuters. The strength of the U.S. dollar compared to the fragile yuan is making China's middle class a major force in the Brooklyn real estate market. The existing cultural infrastructure of its Chinatowns aside, the potential profit margin of owning property in Brooklyn's up-and-coming areas is hard to beat.

Read the full article on CNBC.
http://www.cnbc.com/2017/03/21/china-is-beating-america-again-buying-up-...

Stay connected

开心 新浪微博 人人 豆瓣 Digg Yahoo! Buzz LinkedIn Facebook Twitter