Chinese cut realty buys outside mainland
Chinese people's real estate investment overseas hit a new low last year as their selloffs increased, a recent report from property consultancy CBRE showed. However, Chinese buyers increased purchases of homes located near famous educational institutions overseas. Chinese investors spent $7.5 billion on buying offshore realty in 2018, sharply down from $35.4 billion in 2017. They were net sellers of real estate in the second half of 2018. Asia-wide, outbound real estate investment was down 36 percent year-on-year to $53.8 billion in 2018, according to the 2018 Outbound Investment Survey. Coupled with a decline in offshore investment, Chinese investors were found to be net sellers to strengthen balance sheets and recycle capital for deployment in future outbound investments, the report said.
Tags : INTERNATIONAL