Pursuits
China’s Army of Global Homebuyers Is Suddenly Short on Cash
- Property sales from London to California wobble on China curbs
- Stronger capital controls are deterring first-time purchases
Why Global Property Buyers Are Suddenly Low on Cash
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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.