The great outward properties grab is on as chinese investors scoop up residential and commercial land and projects in the four corners of the earth.
Joanna Law reports
On the back of some headline grabbing land deals of late, Chinese investors are swallowing up property deals overseas with a seemingly unquenchable appetite. There are caveats and pitfalls for the unwary and brash, but the rewards can be great for domestic enterprises topped up with cash. Notable deals in recent years include the purchase of an office building in Manhattan by Bank of China Group Investment Limited with US$600 million, and of the Waldorf Hotel by Anbang Insurance Group with US$1.95 billion.
“2015 was a watershed year for Chinese outbound investment with some US$35 billion invested in overseas real estate doubling the level of investment for 2014,” says Paul Hart, the Hong Kong-based Greater China executive director of Knight Frank.
China’s joining the World Trade Organization further fuels the potential for domestic companies to go global. One reason lies in the increase of competition within the nation as more and more multinational companies want to invest in the Chinese market. To better diversify their investments amid fierce competition at home, domestic companies, developers in particular, are seeking outbound investments. Such a strategy affords Chinese investors the possibility to use local resources away from the pressures of the domestic market.
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