“There is a lot of money coming into America right now from China — into real estate, stocks, a lot of places,” said Henry Liebman, chief executive officer of American Life, which works with Chinese investors. “The people there want alternatives.”
“I know of one guy who is trying to get his cash out and bring it to America after the stock market tanked,” Andrew Wu, a Chinese-American realtor on Long Island, told The Post. “And there are others who want to get out ahead of another possible devaluation of the Chinese yuan.”
Wu, an agent with Daniel Gale Sotheby’s International Realty in Port Washington, says he’s “super busy” with customers from China.
His sales to this clientele for upscale homes surged 50 percent in the past two years. His local office is selling an average of one house weekly to buyers from China.
Four out of 10 home sales on the North Shore in the past 12 months were to Chinese buyers, he said.
Affluent Chinese are the No. 1 group of foreign real-estate purchasers in the US.
Sixteen percent of US single-family homes and condos sold to foreign customers were purchased by Chinese buyers in 2014, according to the US National Homebuyers Association.