Chinese overseas property buying plummets 63 per cent in 2018, hitting four-year low
- Hong Kong is top buying destination, with its offices major targets, Cushman & Wakefield finds
- Dalian Wanda, among top sellers, offloads prime projects in Sydney next to the Opera House and Gold Coast
Property buying by mainland Chinese investors hit a four-year low of US$15.7 billion in 2018, plummeting 63 per cent year on year amid weakening sentiment, tightener policies and growing economic headwinds, according to a survey.
Hong Kong was one of the bright spots.
The city ranked as the top destination for mainland overseas property buying a second straight year, at US$9.5 billion. But still that was a 20 per cent decline year on year, according to data in the fourth annual survey conducted by global real estate service firm Cushman & Wakefield.
The survey was conducted of 150 top mainland real estate investors in the fourth quarter last year. The 51 that responded have a combined 280 billion yuan (US$41.70 billion) in offshore capital, according to the real estate services firm.
Of the top three deals in Hong Kong, all were offices, it found.
The most expensive deal was Hengli Group’s US$1.91 billion purchase in June of Cityplaza Three & Four. Next was the US$1.27 billion spent by China Taiping Insurance and China Create Capital for 18, King Wah Road in January of last year.
