Chinese move money abroad as economy slows

The economy of China is slowing down. Chinese investors are eager to seek opportunities for investment outside of China, especially real estate in New York, Maiami and London, where Chinese buyers dominate the luxury market. Beijing is concerned about the trend and the huge overseas investment. It is monitering the foreign exchange businesses more closely with a watch list of people active in translating RMB into foreign currency. While HSBC stops providing mortgages to some Chinese buyers, other banks are joining the market. Spencer Levy believes Chinese investment in the US will continue to be strong after the volatility currently in the market passes. The prosperous US real estate market and economy is boosting the trend. The full article can be read here.