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“Also for its easy accessibility to Manhattan, where a few highly regarded educational institutions are located, parents are looking into buying properties in New Jersey for their children’s accommodation.” Other analysts noted that the Chinese government’s recent crackdown on overseas investment in the face of accelerating capital outflows may be behind the changed marketing focus.
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China Overseas Holdings has released its first US luxury residential development in New Jersey, targeting primarily US buyers who may be drawn by its proximity to Manhattan and New York’s financial district.
The waterfront 79-storey luxury condominium, named 99 Hudson and in the Paulus Hook neighbourhood of Jersey City, will be the tallest building in New Jersey.
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Mandy Wong, head of international properties at JLL in Hong Kong, said one reason for the focus on local buyers was the growing population in New Jersey, from where there is easy access to Manhattan Midtown and Wall Street, and which can offer greater affordability and larger living spaces.
“The rental market (in New Jersey) is very active and hence suitable for investors looking at a reasonable yield,” she said.
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