Overseas property buying sees a surge
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.