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China funds’ vital role in global property
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China-sourced capital is playing an increasingly important role in global real estate markets as investment in commercial real estate, excluding development projects and individual investor purchases of residential properties, exceeded US$10 billion for the first time in 2014, a report released yesterday by property services provider CBRE said.
The compound annual growth rate over the past four years was around 72 percent and China also accounted for over a quarter of total outbound commercial real estate investment sourced from Asia during 2013 and 2014, the report said.
“The past two years have seen an explosive growth in purchases of offshore real estate by Chinese investors, including high net worth individuals (HNWIs), corporations and institutional investors,” said Frank Chen, executive director and head of CBRE Research at CBRE China.
“What began with moves by China’s sovereign wealth fund and tier-one insurers to purchase trophy assets abroad has now spread to acquisitions by mid-tier insurers and corporate investors while Chinese developers have also been actively expanding overseas to meet rising demand from Chinese mainland HNWIs for residential assets.”
Acquisitions in London, the most preferred city among global investors for commercial real estate assets, took up 80 percent and 52 percent of total China-sourced commercial real estate investment flows to Europe in 2013 and 2014, respectively.
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