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RedMercury

Manhattan sinks

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It is somewhat the opposite to London though if you are talking currency movements.

A strong Dollar will reduce demand by foreign buyers and encourage some profit taking.

The fallls are Dollars falls.

In London, and the U.K. there is some slow down, but the weaker pound has actually already reduced the price. We still feel it is expensive, but foreign buyers think we are cheap.

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Heard on the World Service last night that China is going to make it more difficult for citizens to exchange large amounts of the yuan for foreign currency. 

Cant remember details, since was half asleep, but this is surely going to affect Chinese property investing - not just in London, but NY, Canada, Oz, NZ - all of which I think have had their property markets distorted by Chinese parking their money in supposedly safe assets abroad.  

One of the commentators did say there was apprehension  among rich Chinese that their govt would one day either confiscate all/part of their cash (if it could happen in Cyprus...) or make it that much harder for them to park it in foreign investments.  No surprise there, I suppose. 

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54 minutes ago, Mrs Bear said:

Heard on the World Service last night that China is going to make it more difficult for citizens to exchange large amounts of the yuan for foreign currency. 

Cant remember details, since was half asleep, but this is surely going to affect Chinese property investing

Yes, the State Administration for Foreign Exchange specifically mentioned that anyone would using their $50,000 limit for property transactions would be banned from future access.

There's a link in the China thread with more details.

The Manhattan story has been brewing for quite a while, I'm (not) surprised it hasn't received more media coverage up to now. The direct feed from London to lower-priced areas doesn't appear to translate across there though, there seems to be more autonomy in local markets despite the federal basis.

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