Chinese Among Global Billionaires Club in NY Luxury Tower

Chinese buy New York real estate

A view of New York’s Central Park from One57

New York, home to some of the world’s most expensive real estate has a new residential landmark, and the Chinese are already buying pieces of one57 — where units go for as much as US$90 million each.

The building, which is being touted as the “global billionaires club,” is a 1004-foot tower in midtown Manhattan, and at least two Chinese investors are reported to be purchasing homes in the as yet incomplete structure.

While the identities of the Chinese buyers has yet to be confirmed, some of the other occupants buying space in One57 include what the developer calls “significant Forbes billionaires.”

Since sales of homes began late last year, buyers have reportedly signed contracts for more than US$1 billion worth of apartments, according to a statement from Gary Barnett, the president of Extell Development Company, which is leading the project.

At this point, less than 40 of the building’s 92 units remain available, and among these only four are full-floor units. According to Barnett, two buyers from China are currently among the potential buyers considering purchasing these full-floor units.

More foreign real estate developers are turning to Chinese buyers as their home markets remain soft, and the returns on China’s property market taper off.

According to an article this week  in the China Daily, the 2012 Beijing International Property Autumn Expo, which ended today, attracted a record 147 overseas projects from more than 30 countries and regions.

“China’s housing market has great appeal to foreign projects, and we have had to extend the exhibition hall for foreign projects since we have so many of them,” the director of the expo’s international department, Wei Kefei was quoted as telling the China Daily.

According to Wei, immigration, education and asset relocation are the top three reasons for Chinese buying properties overseas.