The United States was the most popular destination for Chinese overseas real estate investment in the first half of 2016, according to a report released by an American conglomerate.
More than half - 52 percent - of Chinese property purchases took place in the US, with the US$5.5bn spent in New York making it the most popular target for real estate investment, reports said.
Total Chinese overseas real estate investment hit US$16.1bn in the first half of 2016 - double the amount invested during the same period last year.
According to the report, the increase can be partly attributed to investors favouring a more diverse portfolio of assets, with many of the country's elite reluctant to put all their eggs in one basket.
"It’s just a beginning," said senior director of the conglomerate's global research, Xie Chen, of the figure, which accounted for 60 percent of Asia's overseas real estate investment.
"The overseas investment is growing fast at the moment but the proportion is still low. The growth will continue."
gbtimes
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