To capitalise on the market of newly wealthy Chinese buyers looking to invest in the United States real estate market, brokers are beginning to learn Mandarin to interact with clients, The New York Times‘ Alexei Barrionuevo reports.It started around 2008, when the New York market became stagnant and companies such as Sotheby’s International Realty turned their focus to Asia, sending brokers there to seek out buyers.
The U.S. is an attractive market for Chinese buyers who are looking for ways to preserve their wealth and see properties in New York and Los Angeles as safe bets.
In New York, Chinese buyers have been snatching up properties in the $3 million to $6 million price point at the Time Warner centre, 15 Central Park West, and the still-under-construction One57 building.
NOW WATCH: Executive Life videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.