Chinese investment in housing overseas surged 80 percent year on year in the first quarter, Shanghai Daily reported Tuesday, citing a Jones Lang LaSalle report.
The report said Chinese institutional investors spent US$1.1 billion in overseas residential developments in the period, up from US$600 million a year earlier.
Britain, Australia and the United States were the top destinations for the money as big Chinese residential developers looked offshore to counter slower economic and price growth at home, according tp David Green-Morgan, global capital markets research director at Jones Lang LaSalle.
Shanghai-based state-owned Greenland was the most active developer, the report said.
Overall outbound investment, meanwhile, rose 25 percent year on year to US$2.1 billion during the three-month period, with the value of commercial real estate investment remaining rather flat at over US$1 billion.
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