Manhattan property attracts investors from Hong Kong and mainland China

Hong Kong resident Jacky Yeung is going to complete the purchase of two Manhattan flats in one go.

Like many buyers of New York property, the purchases were made, he said, based on the drawcard of the city's status as an international financial centre.

But another key reason why many mainland Chinese and Hong Kong buyers shop abroad for property investments, agents say, is the growing policy and investment risks of real estate markets at home - both in Hong Kong and on the mainland.

Property agents based in New York say they have seen a big rise in sales activity from Hong Kong and mainland buyers since the beginning of this year, and Yeung was typical of the new wave of buyers.

"Hong Kong property prices are too high, so [I] considered buying overseas," said Yeung, a 30-year-old financial sector employee. He said he also aimed to "diversify his investments and avoid any potential blow-up in China both economically and politically".

Growth in the mainland economy slowed to its lowest level in three years to 7.6 per cent in the second quarter, and analysts predict that full-year growth could be as low as 7.9 per cent.