Chinese money flying to New York

Chinese corporations have joined Chinese high net worth individuals in the investment spree in US real estate market as a safe haven in witness of the falling yuan and the weak stock market in China. New York has been receiving increasing international capital for several years. China Vanke and China Cinda Asset Management are involved in developing a new construction in Manhattan's central business area with penthouse pricing at $65 million. Euro Properties, a Hong Kong-based developer, is constructing a 38-story luxury condo building close to Central Park, and this is the first property in Manhattan that is built by Chinese alone. The new trend of Chinese investment is getting involved in the early development stage and more deals on larger projects. The full story can be read here.