24 August 2014
Last updated at 19:01 ET
A room with a view of New York appeals to Chinese buyers
Ms Liu grew up in Beijing but now works in Manhattan, where she recently bought a spacious one-bedroom flat in a high-rise with a view of the city's famous skyline. She is still unpacking boxes, but says she is very happy with her new home.
Cynthia Liu's family view her New York apartment as a better investment than Chinese property
"The amenities are amazing," she says. The modern building boasts a tennis court and swimming pool among its many perks.
"I feel like it's safer to move the money from China to New
York and invest in some more stable real estate properties," Ms Liu
says.
She recognizes that she's part of a bigger trend.
"I have more and more friends trying to buy apartments," she says, counting off several Chinese friends who've also recently bought flats in Manhattan.
Mind blowing
Chinese move into luxury Manhattan property
A room with a view of New York appeals to Chinese buyers
Owning
a home on US soil is no longer only an American dream. Increasingly,
buyers from China are snapping up luxury property in America,
particularly in high-priced markets like New York.
Cynthia Liu, 26, is among the Chinese buyers who have decided to invest in upmarket residential real estate here.Ms Liu grew up in Beijing but now works in Manhattan, where she recently bought a spacious one-bedroom flat in a high-rise with a view of the city's famous skyline. She is still unpacking boxes, but says she is very happy with her new home.
Cynthia Liu's family view her New York apartment as a better investment than Chinese property
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Nikki Field Sotheby's International Realty"We are becoming very, very focused on our Asian neighbour”
Ms Liu's family sold property in
China to pay for her new flat, believing that the Chinese real estate
market is cooling and American property is a better asset.
She recognizes that she's part of a bigger trend.
"I have more and more friends trying to buy apartments," she says, counting off several Chinese friends who've also recently bought flats in Manhattan.
Mind blowing
The real estate sector in New York is scrambling to court buyers like Ms Liu and her peers.
"We are becoming very, very focused on our Asian neighbour,"
says Nikki Field, a senior estate agent at Sotheby's International
Realty.
The number of her Chinese clients keeps increasing, Ms Field says, and has shown no signs of slowing down so far this year.
The National Association of Realtors reports that the Chinese invested $22bn (£13bn) in American residential real estate in the year ending in March, a nearly 72% increase from the year before.
According to Ms Field a quarter of all buyers in Manhattan came from Asia in the first half of this year.
"This is a mind blowing number," she says.
Ms Field's Chinese clients typically buy properties worth between $30m to $50m.
Safety deposit box The Carlton House is a soon-to-be-completed luxury apartment building minutes from New York's Central Park.
Potential buyers can see what the complex will have to offer by touring the showroom, a mock-up of the flats for sale in the building.
Jane Klaris, a senior sales executive at the building, points out the various features designed to appeal to the wealthiest house hunters: marble inlaid floors, high gloss appliances and a 24-hour concierge and doorman service.
It's just the sort of property that appeals to wealthy Asian buyers.
But these purchases aren't just for the pleasure of a well-appointed place to stay.
Chinese buyers view American property as a way of diversifying
and preserving their assets at a time when many are leaving their own
country.
According to the Shanghai research firm Hurun Report, 64% of Chinese individuals with a net worth of more than £1m are either emigrating or planning to do so.
"I like to describe the phenomenon as: we're building the world's most expensive bank safety deposit boxes," says Jonathan Miller, chief executive of Miller Samuel Inc, which values property in New York City.
With at least a dozen new residential skyscrapers planned or currently under construction around New York City, for the time being there should be plenty of boxes available for the growing number of buyers to invest their money in.
Estate agent Nikki Field is learning Mandarin to help her to sell to Chinese buyers
Continue reading the main story
Jonathan Miller New York property valuer:We're building the world's most expensive bank safety deposit boxes”
Ms Field specialises in selling
luxury flats to the Chinese. Since 2008, she has taken regular trips to
mainland China to meet with potential buyers and has also enrolled in
Mandarin lessons and university courses on Chinese business and culture.
The National Association of Realtors reports that the Chinese invested $22bn (£13bn) in American residential real estate in the year ending in March, a nearly 72% increase from the year before.
According to Ms Field a quarter of all buyers in Manhattan came from Asia in the first half of this year.
"This is a mind blowing number," she says.
Ms Field's Chinese clients typically buy properties worth between $30m to $50m.
Safety deposit box The Carlton House is a soon-to-be-completed luxury apartment building minutes from New York's Central Park.
Potential buyers can see what the complex will have to offer by touring the showroom, a mock-up of the flats for sale in the building.
Jane Klaris, a senior sales executive at the building, points out the various features designed to appeal to the wealthiest house hunters: marble inlaid floors, high gloss appliances and a 24-hour concierge and doorman service.
Artists rendering of the penthouse terrace in the Carlton House complex which is near completion
Properties like these come with a high price tag: the 9,000 square foot, two-storey penthouse apartment recently sold for $65m.It's just the sort of property that appeals to wealthy Asian buyers.
But these purchases aren't just for the pleasure of a well-appointed place to stay.
Artists rendering of the penthouse interior for the Carlton House complex
According to the Shanghai research firm Hurun Report, 64% of Chinese individuals with a net worth of more than £1m are either emigrating or planning to do so.
"I like to describe the phenomenon as: we're building the world's most expensive bank safety deposit boxes," says Jonathan Miller, chief executive of Miller Samuel Inc, which values property in New York City.
With at least a dozen new residential skyscrapers planned or currently under construction around New York City, for the time being there should be plenty of boxes available for the growing number of buyers to invest their money in.
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