|
|
Article: China could be big part of recovery.
- Article from:
- Real Estate Weekly
- Article date:
- June 24, 2009
- Author:
CopyrightCOPYRIGHT 2009 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Real estate activity on all fronts is down and activity from foreign investors is no exception. But several signs seem to indicate that China just may be the sleeping giant that helps jumpstart the New York market.
Though experts say the "flood" of investment isn't happening overnight; activity from Chinese buyers is a solid 12 to 18 months away.
"There's just not as much cross-border business going on right now," said Joseph Hilton, who helps lead Grubb & Ellis' China practice. "Everybody is just taking a wait-and-see approach."
Coveting their business, landlords and brokerages are starting to reach out to Chinese investors in the meantime. ...