What are your thoughts on these: (1) Stop allowing customers to take out business out of mainland China or (2) we’ll shut you down. The next day, one of Martin’s Downtown HSBC mortgage people left because of that). Back in the day brokers would travel the world to sell to other countries but that’s become outdated practice now?
The current US-China trade war further inhibits sale in a market that seemed never ending just 5 years ago. Here is a brief chronological history.
- In the name of cracking down on corruption, Xi Jinping, no longer allows China to turn a blind eye to the exporting of capital to the United States. In essence, his policy is designed to limit Chinese investing to China. As such, Chinese begin the slowdown of parking their money in high dollar condos along Manhattan's Billionaire row.
- With Donald Trump elected on an anti-foreign platform, what little money that was making it to the US has further dwindled. The Manhattan Luxury Market faces a crash and prices fall as much as 30%.
- Just as the Manhattan Luxury Market starts to stabilize in 2019 with a lower price support level, the Trump administration unilaterally furthers a trade war with China to unprecedented levels. Analysts are concerned the Billionaire row luxury towers will face the same fate as the Empire State Building in the 1930s when it was nicknamed the Empty State Building.
