A report from Bloomberg on New York. "Manhattan’s would-be buyers are weighing potential purchases cautiously these days, refusing to overpay for homes and causing years of rapid price increases to come to a halt. They’re also tax-sensitive, thanks to new rules that limit how much of their property levies can get written off on federal returns."

"Thousands of Manhattan condos built before the 2008 downturn benefited from the now-defunct 421-a, in which developers received property-tax breaks and passed them along to buyers as a way to promote sales in their pricey buildings. Under the program, an apartment’s property-tax burden would be phased in over 10 or 15 years, with the first few years fully exempt. The abatement’s expiration means the unit is subject to the full tax bill."

"Buyers -- owners who live in the units and investors who rent them out -- paid top dollar for condos with low carrying costs, probably reasoning they’d recoup their investments by selling at a big profit before their abatements ended, said Grant Long, senior economist with StreetEasy . That strategy won’t work in today’s saturated market."

"At the Avery, a two-bedroom unit on the 19th floor purchased for $2.05 million in 2014 is still seeking a buyer at $1.795 million, after a year on the market. On the 10th floor of the same tower, a one-bedroom marketed by broker Alon Chadad, for which the seller paid $936,790 in 2008, is in contract after three price cuts, according to StreetEasy. The deal will close this month at $952,750, he said."

"'It’s one of those buildings where anybody who bought in ’08 or ’09 would be lucky to break even,' Chadad said. 'That’s what we’ve been seeing these last few months.'"

"At a sampling of five buildings where the city’s 421-a tax abatement will end this year or next, owners are listing a greater share of apartments for resale compared with other large Manhattan condo towers, according to StreetEasy. Often, they’re not finding takers until the price drops close to -- or less than -- what the seller paid years ago."

From Jing Daily. "Student life is often characterized by fastidious saving and bargain buys, but for most of the 370,000 Chinese enrolled in U.S. universities, frugality and cautious spending are of little concern. According to China’s Ministry of Education, 90 percent of students living abroad pay full-tuition using personal or family funds."

"In a short statement, the agency responsible for regulating and advising all aspects of China’s education system drew attention to Chinese citizens increasing difficulty in obtaining and extending their students visas, going so far as to mention this rising refusal rate."

"While stopping short of actively dissuading Chinese citizens from applying to American universities by reminding, 'students and academics of the need to strengthen risk assessment before studying abroad, enhance prevention awareness, and make corresponding preparations,' the Ministry did appear to make a thinly veiled threat to undermine the flow of Chinese students to the U.S."

"If this were to occur, the potential damage to the real estate and luxury industries could be substantial. In 2018, Chinese buyers spent an estimated $30.4 billion on residential housing, according to the National Association of Realtors, with many of those purchases accompanying attendance at nearby universities."

"In Irvine, California, for instance, a city that’s home to a cluster of world-renowned universities, 70 to 80 percent of newly built house purchases in 2017 were made by Chinese parents."