Beijing's Mighty Grip May Pull Plug on Property Binge

London, New York face exodus of mainland money

That whoosh you just heard? It’s Chinese money pulling back on property from London to New York. Capital centers globally should brace for tumbling real-estate prices, writes Bloomberg Gadfly’s Nisha Gopalan, as Beijing manages to do what Brexit and higher interest rates haven’t by imposing tighter capital controls. China is now the second-largest foreign investor in the U.S. commercial property market after Canada but Morgan Stanley estimates mainland money for overseas investment could tumble by 84 percent to $1.7 billion this year.

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