Chinese replace Russians as top apartment buyers in Manhattan
- 10 years ago
For the first time ever, the Chinese are replacing Russians as the top apartment buyers in Manhattan.
It wasn't so long ago that Russian oligarchs dominated the world of real estate, buying status-heavy apartments like the $88 million dollar Robert A.M. Stern penthouse.
Now, Russian activity in the real estate market has dropped off since the unrest in Ukraine, and the U.S. imposing sanctions on Russia.
The time is right for the Chinese to buy, according to real estate brokers at Douglas Elliman Real Estate.
(SOUNDBITE) (English) EILEEN HSU, DOUGLAS ELLIMAN REAL ESTATE, SAYING:
"In terms of what we are seeing in our own business, because the majority of our business I would say is working with Asian buyers and investors coming from overseas, is that there is a lot of ease up on the visa coming to visit in the United States and as well as the rise of the middle class wanting to establish their American dream..."
In 2013, Chinese buyers made two signif
It wasn't so long ago that Russian oligarchs dominated the world of real estate, buying status-heavy apartments like the $88 million dollar Robert A.M. Stern penthouse.
Now, Russian activity in the real estate market has dropped off since the unrest in Ukraine, and the U.S. imposing sanctions on Russia.
The time is right for the Chinese to buy, according to real estate brokers at Douglas Elliman Real Estate.
(SOUNDBITE) (English) EILEEN HSU, DOUGLAS ELLIMAN REAL ESTATE, SAYING:
"In terms of what we are seeing in our own business, because the majority of our business I would say is working with Asian buyers and investors coming from overseas, is that there is a lot of ease up on the visa coming to visit in the United States and as well as the rise of the middle class wanting to establish their American dream..."
In 2013, Chinese buyers made two signif