“In the beginning, there was a lot of well-to-do people from China buying here,” said Bill Seto, a residential broker in Flushing who was born in Hong Kong but has worked around the city for three decades. “But in the last year, it started to be different.”
Mr. Seto is also the president of the Chinese American Real Estate Association, a local trade group whose 350 members include lawyers, title companies and mortgage brokers. “These new buyers have just come into wealth,” he said, “and they also want to invest it in New York.”
