Chinese Buying Up Manhattan and Long Island
In an unprecedented shift, rich Chinese have now topped Russians as the top foreign buyers of multi-million dollar Manhattan apartments and "Gatsby-esque" Long Island mansions, reports Reuters.
"By far and away, the Chinese are the fastest growing demographic," Sotheby's International broker Dean Jones told Reuters. "They are the top consumer for real estate, and New York is front and center."
Reuters reported on Friday that five top real estate brokerages unanimously ranked the Chinese as the top buyers of high end apartments in both volume and total sales. Properties popular with Chinese buyers, like Central Park's One57, can run nearly $19 million for a three-bedroom apartment.
Driving the Chinese Manhattan real estate buying spree is partly an investment valuation play as well as an effort to create an anchor for their children to attend American schools. A survey by the Chinese Huran Report finds that over 80% of wealthy Chinese desire to send their children overseas for their education.