Over­seas property buy­ing sees a surge

China Daily (Canada) - - NEWS CAPSULE -

Out­bound property in­vest­ment by Chi­nese com­pa­nies is set to hit a record high this year, de­spite the slow­ing do­mes­tic econ­omy, ac­cord­ing to Sav­ills, the in­ter­na­tional real es­tate ad­viser.

The com­pany said to­tal deals have been worth $18.5 bil­lion so far, com­pared with $14 bil­lion last year, with an­other $5.3 bil­lion re­port­edly pend­ing com­ple­tion.

“Last year saw a con­trac­tion in deal value, but this year is forecast to see roughly 30 per­cent growth,” said James Macdonald, head of Sav­ills Re­search China.

The com­pany’s fig­ures show sales in Lon­don have fallen af­ter two years of growth, but deals such as the $1.95 bil­lion pur­chase of the land­mark Wal­dorf As­to­ria ho­tel in New York by An­bang In­sur­ance Group Co helped push in­vest­ment in the United States to $6 bil­lion,com­pared to $3.4 bil­lion last year.

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