Chinese Buying of Residential Property Overseas Jumps 80% in 1Q -JLL

        0434 GMT [Dow Jones] Chinese developers spent $1.1 billion buying residential property overseas in the first quarter, up 80% from $600 million in the year-earlier period, according to Jones Lang LaSalle. The striking jump reflects a slowing of the property market at home, but also comes as Chinese firms across sectors are expanding abroad, says David Green-Morgan, the firm's director of global capital markets research. "It may be that Chinese developers are just adapting more quickly" to opportunities overseas, he says. Property markets abroad are recovering and local developers may not have too much money, allowing Chinese developers a chance to buy, he adds. The three largest residential deals in 1Q were by state-owned developer Greenland Holding Group; the 4th was by Hong Kong-based Fu Wah Group. (chao.deng@wsj.com)
        (END) Dow Jones Newswires

        May 08, 2014 00:34 ET (04:34 GMT)