Beijing realtors seek foreign funds

Beijing real estate developers, reacting to the government's move to curb speculation and tighten credit, are seeking foreign investors for individual residential projects, the Standard of Hong Kong reported, citing senior realty officials. Tianhong Real Estate Development and Management Corp is starting to cooperate with foreign investors who do not necessarily have real estate as a core business, said chairman Chai Zhikun. His company is a subsidiary of Beijing's largest real estate developer, Tianhong Group. One foreign analyst said foreign investment in real estate has increased dramatically in Beijing and now accounts for 20% of total investment.