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Chinese buyers are pulling out of New York real estate in droves

Max de Haldevang
Chinese buyers are pulling out of New York real estate in droves

China’s capital controls are making their mark on New York’s luxury real estate market. In an effort to shore up its currency, the world’s second biggest economy has been cracking down on money leaving the country, and there are significant concerns (paywall) about its real estate developers’ levels of US dollar debt. Having briefly been the main movers and shakers in New York real estate, Chinese developers have fallen behind the Canadians, the Germans and the Dutch.