Will China Policy Change Bring Even More Foreign Buyers to NYC?

renminbi-skyline

China’s Central Bank is moving forward with capital markets reforms that could make it easier for Chinese citizens to invest in New York real estate.

The country’s monetary policymakers announced on Friday they may soon allow residents of a Shanghai free-trade zone to buy overseas assets directly – a trial run for the rest of China and part of a broader effort to loosen capital controls. The move would also open up Yuan-denominated bonds to foreign companies.

Chinese citizens currently face tight limits on the amount of money they can invest abroad. Those looking to convert funds from Yuan into Dollars to buy, say, an apartment in Manhattan, often have to do so through companies or by smuggling cash to Hong Kong.

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