Chinese developers investing billions in projects abroad

Developer Xu Weiping is looking to build a GB£1 billion (RMB10.14 billion) business district in East London, part of a global push among Chinese investors and developers in reaction to slow growth at home and government encouragment of diversifictaion, The Wall Street Journal reported, citing an analytics firm. Last year Chinese investors bought more than US$13.9 billion (RMB85.35 billion) of overseas commercial property according to Real Capital Analytics, more than the combined total for the four previous years. While the trend has cooled this year along with China’s economy, the US$4.4 billion of deals in the first half is still more than the total for 2012 of US$3.7 billion in foreign property purchases.