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Chinese find opportunity in U.S. real estate slump

admin — Tue, 31 Mar 2009 17:41:34 +0000

BEIJING — Amid a downturn in real estate prices, some wealthy Chinese are signing up for home-buying tours to the U.S., and Chinese media tout the trend as another sign of the strength of what’s now the world’s third-largest economy behind the U.S. and Japan.

“The real estate prices in America have gone down drastically,” said Yin Guohua, a partner in a law firm who recently returned from an 11-day U.S. tour with a group of Chinese elite. “It’s a good option for Chinese people who want to buy for investment.”

In prime time last week, China Central Television’s popular Oriental Horizon program dedicated half an hour to the topic of house-hunting tours to the U.S. The tours also have been the subject of numerous newspaper articles, some of them suggesting that the buying power of newly rich Chinese might help salvage U.S. real estate woes.

“We’ll probably take more than 10 groups this year,” said Vincent Mo, chairman of SouFun Holdings, one of two companies known to be organizing the house-buying trips. “There are more than 500 people applying to go with the SouFun team to look at property in the U.S.”

Not all of those on the tours are serious property investors. Some want a quick look around the U.S. Others want a son or daughter to obtain a U.S. education and think that buying property will get a foot in the door.

Mo acknowledged that he doesn’t know if anyone among the first group of 40 Chinese investors, who traveled in February, bought U.S. property.The U.S. real estate slump has made property in major U.S. cities seem cheaper than in China’s larger cities, real estate professionals said.

“If you take a brand new apartment in a first-tier city, like Beijing, Shanghai or Guangzhou, you can buy a lot more equivalent in the United States,” said Anna Kalifa, a vice president of business development at GTC Real Estate China, a development arm of the Kardan Group, based in the Netherlands. In a city such as Washington, she said, “you can get more bang for your buck, square meter per square meter.”

Luo Jie, a tour organizer for those wanting to buy U.S. property, concurred: “You can buy a much better home in America for $400,000 or $500,000 than you can buy here.”

Donald Trump brings New York real estate to the UAE

admin — Sat, 05 Jul 2008 14:42:11 +0000

The Trump SoHo Hotel Condominium project started sales in September last year and this exclusive property is the only luxury hotel condominium in Manhattan’s fashionable SoHo neighbourhood. A hotel condominium provides a unique opportunity to own a unit in a hotel which can be rented out to guests when not occupied by the owner. They are an ideal solution for international buyers who live away from New York but want a familiar place to stay when there. The hotel is due to open next summer.

Donald J. Trump, CEO of the Trump Organization, comments:

‘Last week I had the honour of globally launching Trump International Hotel & Tower Dubai, currently being built on Palm Jumeirah. With The Trump Organization’s continued growth throughout the Middle East, we thought it was only fitting to bring sales of our unique Trump SoHo penthouses to the UAE. Our penthouses are the most desirable places to stay in New York City, and will provide one of the most luxurious hotel experiences available anywhere in the world.’

Prodigy International’s President, Rodrigo Niño comments:

‘There is a great desire among sophisticated Arabic buyers to invest in Manhattan. As they have already a strong participation in the real estate markets of London and other capitals in Europe, they want to consolidate their presence around the world by incorporating New York to their portfolio.’

Of the 400 hotel condominium units, there will be 141 deluxe suites, 253 studio suites, five penthouse suites and one Presidential Suite. Some studios and deluxe suites can be combined to create luxurious two bedroom suites. Units will range in size from approximately 422 to 905 square feet with expansive penthouses and the Presidential Suite on the three highest floors. Owners will be able to choose from a range of panoramic views including the Hudson River, Statue of Liberty, Empire State Building and the Manhattan skyline.

Leading global real estate firm, Prodigy International, is the exclusive sales and marketing organization for Trump SoHo Hotel Condominium. Prodigy International has an impressive track record of driving sophisticated international buyers to the most exclusive properties in New York, Miami, Dominican Republic, Panama, Mexico and Costa Rica, through a global network of brokers from locations around the world.

New York Teachers Commits $130M To Private Equity Real Estate

admin — Sat, 05 Jul 2008 14:28:22 +0000

Newyork teachers commits $130M to private equity Real Estate

The New York City Board of Education Retirement System is looking to deploy approximately $130 million to private equity real estate investments and is seeking exposure to a diverse range of property types through stable return and enhanced/opportunistic investments.

The system has issued a request for qualifications from managers to implement its new mandate via fund of funds or limited partnerships. Individual direct property investments, funds of predominantly debt securities, and discrete real estate investment trust portfolios will not be considered.

Firms must have at least $100 million of committed capital in a prior fund, at least $1 billion in committed capital in all real estate investment vehicles and at least one public fund investor with aggregate assets over $1 billion. Firms must also have a five-year track record managing private real estate products.

The RFQ is available on the New York City Comptroller’s Web site and proposals are due July 30.
source: www.finalternatives.com

NYT Real Estate Magazine Goes International

admin — Sat, 05 Jul 2008 14:17:27 +0000

NYT Real Estate Magazine Goes International

The New York Times and the International Herald Tribune announced today that they will launch an international edition of The New York Times Real Estate Magazine on Oct. 6.

KEY, The New York Times Real Estate Magazine – International Edition “will be distributed inside the IHT to subscribers, at hotels and on newsstands in major markets in Europe and the Middle East,” a release stated. “It will be published twice a year offering a mix of original content with articles from the U.S. publication.”

The Times and IHT are both owned by The New York Times Company.

Manhattan real estate prices now sliding

admin — Wed, 02 Jul 2008 15:25:36 +0000

Manhattan real estate prices now sliding

Acording to latest report prices in Manhattan real estate prices now sliding. The average price of a Manhattan apartment ranged from $1.66 million to $1.68 million in the second quarter of 2008, according to separate reports released Wednesday by Brown Harris Stevens, the Corcoran Group, Halstead Property and Prudential Douglas Elliman. That represents an increase of anywhere between 25% and 36% over average apartment prices for the second quarter of 2007.

When two of the most elite addresses in Manhattan with units on the market are excluded – 15 Central Park West and The Plaza – the average price comes down to about $1.49 million.

Slow Sales
Sales figures vary from agency to agency, but all report that volume is down significantly. Second quarter sales were down 38% from the same quarter a year ago according to the Corcoran report, which was put together in collaboration with PropertyShark.com. Sales were down 21.8% on a year-over-year basis, according to Prudential Douglas Elliman, and down 18% according to Brown Harris Stevens. Halstead saw a dip of 14%.

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admin — Sun, 09 Mar 2008 15:07:48 +0000

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