December 8, 2015 | Wall Street Journal | Craig Karmin
A small group of wealthy Chinese investors recently poured $10
million into a luxury condominium project in New York’s Westchester
County. The redbrick building, set to open next year, will feature a
pool and a roof deck offering sweeping views of the Hudson River.
None of the people bothered to visit the site before plunking down their money.
“It was a relatively easy deal,” said Rick Singer,
a New York real-estate investor who introduced the Chinese investors to
the project’s developer. “It gave the Chinese what they wanted.”
The
investors’ objective, in part, was to move money out of China and into
U.S. commercial property, said brokers who have arranged similar deals
for wealthy Chinese in recent years...
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Neighborhoods: Elmhurst