Chinese investors can’t seem to be getting enough of commercial real estate abroad – having already spent $1 billion in the first quarter on buying property, they are now on track to spend a whopping $5 billion for the whole year, according property services firm Jones Lang LaSalle.
If Chinese outbound investment in commercial property did hit $5 billion, as forecast, it will catapult the group to among the five biggest cross-border investors in this sector globally, according to Jones Lang LaSalle.
“It makes them an increasingly important player on the global scale,” David Green-Morgan, research director, global capital markets at Jones Lang LaSalle told CNBC. “The last two years they’ve made more of a mark and that’s when we’ve seen more of the outflow of capital from China coming.”
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