Chinese property investors are now refraining from putting their money into U.S. property because of China's stock-market selloff, slow economic growth, and currency devaluation.
Over the years, Chinese buyers purchased U.S. property more than any other buyer. However, this past Friday China's benchmark stock index dropped by 5.5%,, the biggest decline since August. Still, both real-estate consultants and brokers believe that the recent pullback is only temporary.
“We are ready to embrace a winter for Chinese buyers in the next one year, two years,” said Daniel Chang, a New York City-based broker at Sotheby’s International Realty."“In the very short term there will be some impact for people who don’t have a foreign income stream or who don’t have a bank account or funds in overseas banks,” said Frank Chen, executive director and head of research at property consultancy CBRE China. “But the outbound real-estate investment trend is likely to remain quite strong.”