World's economic woes damping sales in US high-end property market
Haywire overseas stock markets, falling currency values are dulling demand for mansions, penthouses
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Boston
THE six-bedroom mansion in the shadow of Southern California's Sierra Madre Mountains has lime trees and a swimming pool, tennis courts and a sauna - the kind of place that would have sold quickly just a year ago, according to real estate agent Kanney Zhang.
Ms Zhang is shopping it for a discounted US$3.68 million, but nobody's biting. Her clients, a couple from China, are getting anxious. They're the kind of well-heeled international investors who fuelled a four-year luxury real estate boom that helped pull America out of its worst housing slump since the 1930s. Now, the couple is reeling from the selloff in the Chinese stock market and looking to raise cash to shore up finances.
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