China is no longer the top Asian investor in U.S. commercial real estate.
For the first time since 2012, Singapore outranked China in its U.S. property investment, driven largely by deals led by sovereign wealth fund GIC Pte. The company poured an estimated $9.5B into U.S. properties last year, including 60 Wall St. — home of Deutsche Bank’s headquarters, Bloomberg reports.
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Chinese investment plummeted 66% from $17.33B in 2016 to $5.9B in 2017. The reduction in spending was due in large part to restrictions implemented by the Chinese government during the summer. All foreign transactions by Chinese firms are now subject to scrutiny; previously, only transactions exceeding $1B required regulatory attention.
In terms of overall global rankings, Singapore came in third place trailing Canada and France. It beat its own spending record of more than $27.6B, set in 2015, by investing $28.4B in 2017, Bloomberg reports.
Moving forward into 2018, these trends are anticipated to continue as Chinese foreign investment remains strictly regulated.
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