China insurers on prowl for trophy properties
New breed of buyers have boosted prices in New York and London
Hong Kong
WHAT do New York's most famous hotel, the Lloyd's of London building and the headquarters of the UK's top law firm have in common? They're all owned by Chinese insurers.
This new breed of buyers, who were not allowed to invest overseas before 2012, are flooding into the global market for prime commercial real estate after being given more freedom to deploy their US$1.6 trillion of assets. That has meant good times for sellers of trophy real estate in major cities.
"It's becomin…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Condo rents inch up after 7-month decline; volumes recover: SRX, 99.co
Apple to invest US$250 million into expanding Ang Mo Kio campus
High Court dismisses China businessman’s claims against Huttons and agent in misrepresentation suit
URA awards Zion Road, Upper Thomson sites to sole bidders at lower-than-expected offers
DFI puts its last 2 Singapore properties up for sale at S$48.5 million
Delfi Orchard up for collective sale at S$438 million guide price