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03/06/2009 03:32 PM

Chinese Real Estate Buyers Take Bite Of Big Apple

By: Tara Lynn Wagner

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Sure they took in the sights, but for the most part a group of Chinese tourists recently came to Manhattan on a mission to buy property. Some 30 Chinese business owners and other professionals toured three new buildings, including the Atelier on 42nd Street, to view model homes and perhaps make one their own.

“I think that they are seeing signs that there is some negotiability and their economy is more robust than ours, unfortunately, right now,” says Jorden Tepper, Century 21 New York Metro’s executive director of sales. “So they have the impression that it's a great time to buy, which it actually is.”

The stop is part of a 10-day tour offered by Soufun.com, which arranged visits to 16 properties in 4 U.S. cities. The Shanghai-based company says this trip was organized in response to high demand from web users.

“The Chinese are becoming wealthy and many of them are eager to buy properties overseas,” says Sougun.com general manager Yang Wen Ting through a translator. “Since the financial crisis began in the U.S., reports and experts showed the U.S. housing market has gone down drastically. It's a great time to buy in for investment.”

It's also an investment for future generations. Speaking through a translator, Yin Guo Hua explaines how the property he buys now may some day serve as his child's de factor dorm room.

“I am definitely considering saving the properties for my family, to house them when they study in the U.S. or short-term visit,” he says. “I want my child to be aware of cultural differences between the U.S. and China when they are young. This will be beneficial for my kid's future."

Century 21 NY Metro helped select the properties based on location and amenities. Some of the buildings are eco-friendly, like The Visionaire and the River House in Battery Park City.

While in some cases, U.S. buyers are being hindered by the lending crisis, the Chinese buyers have no such hurdle.

“I think the idea is to buy in cash and we like that,” says Tepper. “The idea is for us to make an introduction that will lead to future relationships.”

The real estate shopping tour also took potential buyers to Boston, San Francisco and Los Angeles, but New York caught many buyers’ eyes.

“New York is a city full of life and energy. I think people pay a lot of attention to New York,” says Yin Guo Hua through a translator.

Realtors hope that the tiny taste of New York will leave the Chinese buyers wanting to take a bigger bite out of the Big Apple.