China’s capital controls are making their mark on New York’s luxury real estate market.

In an effort to shore up its currency, the world’s second biggest economy has been cracking down on money leaving the country, and there are significant concerns (paywall) about its real estate developers’ levels of US dollar debt.

Having briefly been the main movers and shakers in New York real estate, Chinese developers have fallen behind the Canadians, the Germans and the Dutch. As trade war tensions increase and having money in the United States becomes less desirable, many of those developers have decided to service their debts by offloading massive New York properties, according to the Financial Times (paywall).