Citigroup plans to expand its real estate investments in China tenfold in the next three years, state media reported. Chief investment strategist Stephen Coyle said Citigroup will buy all types of property including office, retail and industrial. Despite government attempts to cool the property market, Citigroup's move follows on the footsteps of rivals Morgan Stanley and Goldman Sachs in looking for investments in China, where a growing economy is fuelling demand for offices, shops and homes. Some analysts believe housing price surges in big cities are partly driven by the growing inflow of overseas capital. The company's first move into the mainland was a US$50 million deal for a 75% stake in the Novel Plaza tower in downtown Shanghai.
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