As China attempts to slowdown private capital outflows,
global real estate markets take a hit:
“China’s escalating
crackdown on capital outflows is sending shudders through property markets
around the world.
In London, Chinese
citizens who clamored to purchase flats at the city’s tallest apartment tower
three months ago are now struggling to transfer their down payments. In Silicon
Valley, Keller Williams Realty says inquiries from China have slumped since the
start of the year. And in Sydney, developers are facing “big problems” as Chinese
buyers pull back, according to consultancy firm Basis Point.
“Everything changed’’
as it became more difficult to send money offshore, said Coco Tan, a broker at
Keller Williams in Cupertino, California.”