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Chinese replace Russians as top apartment buyers in Manhattan

2014-04-26 2 Dailymotion

For the first time ever, the Chinese are replacing Russians as the top apartment buyers in Manhattan.<br/> <br />It wasn't so long ago that Russian oligarchs dominated the world of real estate, buying status-heavy apartments like the $88 million dollar Robert A.M. Stern penthouse.<br/> <br />Now, Russian activity in the real estate market has dropped off since the unrest in Ukraine, and the U.S. imposing sanctions on Russia.<br/> <br />The time is right for the Chinese to buy, according to real estate brokers at Douglas Elliman Real Estate.<br/> <br />(SOUNDBITE) (English) EILEEN HSU, DOUGLAS ELLIMAN REAL ESTATE, SAYING:<br/> <br />"In terms of what we are seeing in our own business, because the majority of our business I would say is working with Asian buyers and investors coming from overseas, is that there is a lot of ease up on the visa coming to visit in the United States and as well as the rise of the middle class wanting to establish their American dream..."<br/> <br />In 2013, Chinese buyers made two signif

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