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1.Market Observations, 8.Was Sticky

18 Apr 2017 (AFR) – China’s global property frenzy – Chinese are now hunting for property in America’s smaller cities

(18 April 2017, AFR, p27, by Rana Foroohar)

‘Back in 2007, when I was relocating from London to New York, I bid against a Brazilian and a German for my Brooklyn brownstone. I thought that would be the high-water mark for international buyers interested in fixer-up properties a good 45 minutes from midtown Manhattan, but I was wrong. These days, I regularly wake to leaflets from Chinese property developers dumped on my front stoop, offering to buy homes for cash. And this even after Beijing has put various restrictions on the outflow of capital, in an attempt to prop up its currency. Foreign money has always played a huge role in luxury property markets like Manhattan and London.’

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