Shanghai became the largest recipient of cross-border real estate capital among Asian-Pacific cities in the first three quarters of this year, and the world's third-largest destination for cross-border investment, after only Paris and London, international property consultancy JLL said in a report released on Wednesday.
Despite uncertainties over trade tensions between China and the US, overseas investors spent a record US$5.9 billion in Shanghai's commercial real estate during the first nine months of 2019, a surge of 235 percent from the same period a year earlier, according to the latest data released by JLL.
By the end of the third quarter of 2018, Shanghai ranked as the world's seventh-largest city recipient of cross-border real estate investments, and within 12 months, it jumped four places to beat mainstays like New York and Hong Kong.
China's continuing effort to integrate its financial markets with the global economy, a nationwide deleveraging campaign that has helped improve industry liquidity, as well as its vibrant pace of infrastructure developments, among other factors, have helped fast-track the city's investment momentum, according to JLL.
Between January and September, the most significant cross-border transaction in Shanghai was Brookfield Asset Management's acquisition of Greenland Huangpu Center for US$1.55 billion. Other notable purchases by foreign investors include Keppel Capital's purchase of Yifang Plaza, and the acquisition of a majority stake in Pufa Tower by a joint venture between AEW and CapitaLand.
Shanghai became the largest recipient of cross-border real estate capital among Asian-Pacific cities in the first three quarters of this year, and the world's third-largest destination for cross-border investment, after only Paris and London, international property consultancy JLL said in a report released on Wednesday.
By the end of the third quarter of 2018, Shanghai ranked as the world's seventh-largest city recipient of cross-border real estate investments, and within 12 months, it jumped four places to beat mainstays like New York and Hong Kong.
Between January and September, the most significant cross-border transaction in Shanghai was Brookfield Asset Management's acquisition of Greenland Huangpu Center for US$1.55 billion. Other notable purchases by foreign investors include Keppel Capital's purchase of Yifang Plaza, and the acquisition of a majority stake in Pufa Tower by a joint venture between AEW and CapitaLand.
