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London and New York Draw Asian Real Estate Buyers
CNBC.com | April 09, 2012 | 02:44 PM EDT

Though late to the game, Chinese investors are now among the biggest players, Jonathan Miller, head of New York property analyst Miller Samuel, told Knight Frank. “The Chinese market opened up rapidly in 2011, with buyers from there joining other wealthy investors in targeting the $1 t0 $3 million Manhattan market,” says in the report.

Uncertainty in the Asian market is no small part of the sudden popularity of real estate in the West. Asian investors have come to the conclusion that equities and financial products are extremely risky and they have reverted to storing their wealth in “brick and mortar.”

Says Amar Gill of CLSA, “Rather than diversifying into other [kinds of] assets, the diversification they have pursued has been geographical.”

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