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China outbound investment in residential development soars 80% in 1st quarter
Brief:CHINESE outbound investment in residential development surged 80 percent year on year in the first quarter of 2014.
CHINESE outbound investment in residential development surged 80 percent year on year in the first quarter of 2014 amid increasing interest from domestic real estate developers, led by Greenland Group, according to a report released.
 
Chinese institutional investors spent US$1.1 billion in overseas residential development in the first three months of this year, compared with US$600 million registered in the same period a year earlier, Jones Lang LaSalle said in the report, citing its own data.
 
“Major Chinese residential developers are looking for opportunities overseas to counteract slower economic and price growth at home,” said David Green-Morgan, global capital markets research director at JLL. “And the United Kingdom, Australia and the United States received most of the investment.”
 
Shanghai-based state-owned developer Greenland has been the most active of all Chinese residential developers with purchases of the Ram Brewery and Hertsmere House sites in London, together with property in Los Angeles and Sydney.
 
And Country Garden made its first foray into the Australian residential property market with its purchase of a development site in Sydney’s northwest.
 
Overall outbound investment, meanwhile, rose 25 percent year on year to US$2.1 billion during the three-month period, with value of commercial real estate investment remaining rather flat at over US$1 billion.
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