Chinese Buyers Are Pulling Out of New York Real Estate as Beijing Cracks Down On Money Leaving the Country

The iconic Waldorf Astoria was bought by Chinese conglomerate Anbang in 2014. (REUTERS/ MIKE SEGAR)
The iconic Waldorf Astoria was bought by Chinese conglomerate Anbang in 2014. (REUTERS/ MIKE SEGAR)

China’s capital controls are making their mark on New York’s luxury real estate market.

In an effort to shore up its currency, the world’s second biggest economy has been cracking down on money leaving the country, and there are significant concerns (paywall) about its real estate developers’ levels of US dollar debt.

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SOURCE: Max de Haldevang
Quartz