A wave of Japanese investment in iconic Manhattan buildings such as the Rockefeller Center in the late 1980scame to symbolise the peak of Japan’s bubble, but with Hilton’s $1.95bn sale of the landmark Waldorf Astoria New York hotel to an obscure Chinese insurance company it is tempting to ask whether history is repeating itself.
Outbound property investment from mainland China has soared from less than $70m in 2008 to $16bn in 2013, according to research from real estate services company Colliers International.
Chinese investors have become the biggest foreign buyers of property in New York City, London and Australia.
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