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Rich Chinese moving money out of China and into New York real estate

Posted on 18 September 2012 with no comments from readers

House prices have gotten so high in cities like Shanghai that it is actually cheaper to buy a condo in New York, reports Bloomberg TV. With Chinese house prices in many cities now falling this could be a shrewd move. Wealthy Chinese are also moving money abroad in case the economic slowdown in China turns into a crash.

Clearly this supports house prices in New York although you have to wonder if this would be enough buying to offset another major financial crisis or stock market correction. The US economy looks none too bright going forward but then neither does China…

Posted on 18 September 2012 Categories: Global Economics, Video Channel

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