A new breed of Chinese investors is making big bets on real estate in Queens, the New York Times reported.
The pool of Chinese investors has expanded from high-net-worth individuals with an eye for trophy Manhattan properties to upper-middle-class buyers more willing to diversify their bets. A favorite neighborhood is Flushing in Queens.
Indeed, buyers from mainland China can now account for as many as half of the buyers at new condominium buildings in “Falasheng,” (as the area is known in Mandarin) according to the Times.
Similarly, about 135 of the 410 units sold at Onex Real Estate Partners’ Sky View Parc in Flushing have gone to Chinese buyers, an executive at Onex told the Times.