China’s Investors Go on Global Property Buying Spree

China’s institutional investment in property overseas rose 17 percent in the first six months of this year, with residential investment surging 84 percent, real estate services firm Jones Lang LaSalle (JLL) said on Wednesday. The gains come as Chinese investors pursue opportunities outside their home turf, where the outlook for the real estate sector is overshadowed by issues such as tight financing and high inventories which are weighing on prices.

London was the most popular destination for Chinese institutional investors, with a total of $2.3 billion (1.35 billion pounds), as efforts by the city to draw Chinese capital into major infrastructure projects spilt into residential and commercial markets, JLL said. Separately, on retail investments, the United States was the country most favoured by Chinese home buyers, according to Juwai.com, the largest real estate portal that targets Chinese buyers looking abroad, based on inquiry data from the first half of 2014. Australia ranked second and Canada third, even though it cancelled the Immigrant Investor Program in February. The UK was fourth. “We have not seen any measurable impact on Chinese demand for property in Canada as a result of the ending of the investment visa programme,” Juwai.com’s co-chief executive officer Andrew Taylor told Reuters. Continue reading Via: Reuters