Chinese property investment abroad hits new high

And the U.S. received the bulk of that cash

The Waldorf Astoria Hotel, which sold to Anbang Insurance Group
The Waldorf Astoria Hotel, which sold to Anbang Insurance Group

The Chinese are not slowing down in their quest for trophy properties across the globe. Investment in foreign property by the Chinese increased by more than half last year, setting a new record.

Chinese overseas investment in residential, commercial and industrial property reached $33 billion in 2016, according to JLL data cited by the Financial Times. That’s up 53 percent from 2015.

Sign Up for the undefined Newsletter

The U.S. received the bulk of those investments, totaling $14.3 billion, followed by Hong Kong, Malaysia and Australia.

“We believe that Chinese investors will continue to be major movers of capital into global real estate for many years. But a similar increase in 2017 may be challenging given the recent discussion about China monitoring its capital outflows,” David Green-Morgan, research director for JLL in Singapore, told FT. “Many of the biggest players already have a significant amount of capital outside the country, so their investment decisions are not so reliant on Chinese governmental scrutiny.” [FT] Christopher Cameron