Recent movements in the yuan against the US dollar have affected investment decisions from Chinese investors wanting to buy property in the US. Yang Chengxi shows us how a weakening yuan is affecting Chinese homebuyers in New York City.

It's not cheap to buy an apartment in New York City. By this year's second quarter, the average price per apartment in Manhattan climbed 13 percent year on year to 1.1 million US dollars.

However, that didn't stop Chinese investors from buying homes in the Big Apple. Data suggest that the most popular types are priced below 1 million dollars.

But those that are between 1 and 3 million dollars are also becoming more popular, with transaction volume up 143%.

"First trend is that the Chinese choose good neighbourhoods. For example those that are close to Chinatown or supermarkets. Many more are coming for good schools for their kids," said Lin Shanqiu, founder, UTOFUN.

But a weakening yuan is dampening the enthusiasm of home buyers. Experts say the recent depreciation of the yuan is hitting hard on demands from home buyers for education and immigration reasons. But on the other hand, it is also prompting buyers to buy as soon as possible for investment reasons.

"These people will make comparisons and react swiftly. Because as the yuan keep falling they will have to exchange it with dollar assets," Lin said.

Industry insiders believe that recent forex fluctuations won't have too big of an impact on the gradually rising demands from Chinese buyers. Recent data show that the sales of second-hand apartments reached a 10-year high of 5.6 million units in October in the USA.