China developers invest $7.6 bln overseas

Chinese property developers invested $7.6 billion in the overseas market in 2013, a sharp increase of 124 percent from the year before, according to an industrial report.

The report, released by global property service provider Jones Lang LaSalle on March 25 in Guangzhou, the capital of Guangdong province, also predicted that Chinese overseas property investment will exceed $10 billion this year, thanks to domestic developers, growing interest in the overseas market.

Britain and the United States remained the top two destinations for Chinese developers, with a combined investment of $5.4 billion, according to the report.

In the Asia-Pacific region, Australia attracted Chinese property investments of $700 million, and Singapore garnered $1 billion.

Alistair Meadows, head of International Capital Group (Asia Pacific) of Jones Lang LaSalle, attributed the increased investment from Chinese developers mainly to China's "go global" policy to encourage domestic companies to invest overseas.

"Chinese capitals will become a key factor to drive the global property development in the years ahead," Meadows said.