New York may seem like a "bargain" for some Hong Kong home buyers


In recent years, Beijing has restricted the amount of money invested overseas by its citizens after an earlier exodus of capital that partially contributed to the increased flow of money in places such as the US, UK and Australia.

"What is impacting is really very, very, very high, because the Chinese were buying the most expensive apartments," Allison said. "We're talking about the $ 30 million hedges."

However, more and more middle-class Chinese are entering into the buying trend of home. The average price of a US residential property sold to a Chinese buyer rose from just under $ 530,000 in 2017 to $ 439,000 in 2018, according to the National Association of Realtors, a trade association for those working in the real estate industry .

By contrast, residential property prices in Hong Kong fell about 10 percent from the August peak, fueled by trade tensions between the US and China and possible rate hikes.

The Asia Bankers Club told CNBC that several of the 125 Greenwich Street units were sold during the weekend's event. Other buyers, however, said they wanted to visit New York first.

"If you look at the last 10 or 20 years, although there have been a few small declines, overall it has been an upward trajectory," said Allison, referring to the US housing market. "If you're looking for a solid investment, you're looking for a country where you know your money is safe. How can you do better than the United States?"


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