End of an Era as China’s Love Affair With U.S. Real Estate Fades
- Sales to Chinese buyers fell for the first time since 2011
- Capital controls, currency depreciation seen among drags
What the U.S. Housing Numbers Tell Us About the Economy
For David Wong, the business of selling homes isn’t as good this year as it was in 2015, and he’s blaming that on a decline in customers from China.
“The residential-property market here, especially for those priced between $2.5 million to $3 million, has been affected by China’s measures to control capital flight,” said the New York City-based Keller Williams Realty Landmark broker. “You need to cut the price, or it may take a real long time.”