Foreign Property News | Posted by Shwe Zin Win
Chinese property investors continued their retreat from high-profile US real estate in the third quarter, the Wall Street Journal reports, dumping more than $1 billion worth as Beijing clamps down on overseas acquisitions and capital outflows.
Investors sold $1.05 billion and bought only $231 million of real estate in the period from June through September, according to data firm Real Capital Analytics.
This marks the second consecutive quarter where sales outweighed purchases, and only the second such quarter in a decade.
Skyrocketing corporate debt and concerns over currency stability have pushed the government to shore up flows of money overseas and impose tighter restrictions on large foreign acquisitions.
“This has to do more with a change in how capital is permitted to behave rather than Chinese investors saying ‘I don’t like the US,’” said Jim Costello, senior vice president at Real Capital.
Ref : Property Report
