Chinese Property Investment Ramping Up As Activity Cools Down
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US commercial property sales have slowed on the whole in 2016, but Chinese companies aren’t stopping. Chinese firms have made plans to buy $9.3B worth of properties so far this year, up from $6B for all of 2015, according to data from Real Capital Analytics.
The 2016 number makes Chinese investors the most active foreigners in the US, more than double Canada, the runner-up, with $4.2B.
Chinese investors are looking for safe havens abroad for their cash as their domestic economy shudders, the Wall Street Journal reports.
“They’re parking more capital in the safe locations in the West,” Real Capital Analytics SVP Jim Costello says.
Overall activity in the US hit $135.9B so far in 2016, compared with $171.4B during the same period last year. [WSJ]