Chinese real estate investment abroad rose by more than half last year to a new high, highlighting the potentially disruptive impact of tighter capital controls imposed late in the year to discourage outbound money flows.
Overseas investment from China in residential, commercial and industrial property totalled $33bn in 2016, up 53 per cent from a year earlier, according to global real estate group JLL, as Chinese buyers snapped up office buildings, hotels and residential land.
The US was the most popular destination for the second consecutive year, drawing $14.3bn of investment, followed by Hong Kong, Malaysia, and Australia. The UK ranked fifth, down one spot from 2015, but in value terms investment rose to $2.2bn, up from $1.8bn in 2015. The UK’s best year was 2014, when it drew $4.9bn to rank first.