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