Singapore outspends China on US property for first time in years
Now largest Asian investor in sector amid Beijing’s crackdown on capital outflows
For the first time since 2012, Singapore outspent China to be the largest Asian investor in US commercial property, as deals by Chinese investors plummeted amid a regulatory pressure from Beijing.
The big jump in Singapore’s investments in the sector came on the back of sovereign wealth fund GIC Pte, which accounted for almost 75% of the US$9.5 billion worth of deals, Bloomberg reports.
- Singapore’s global purchases rose by 40% last year to US$28.4 billion, beating its record set in 2015; investments in US rose to US$9.5 million
- China’s US$5.9 billion worth of investments in US commercial property represented a 66% drop from a year earlier
- Big purchases include 60 Wall St in Manhatten, as well as a portfolio of student accommodations
- Expect the trend to continue in 2018 as Singapore investors diversify, while China keeps up restrictions: CBRE
- Singapore sat at number three for US purchases, globally, behind Canada and France