Developers, Buyers Look Elsewhere as China's Property Slows

        0505 GMT [Dow Jones] Chinese developers and buyers look elsewhere as the country's real estate market slows. "As major Chinese residential developers look for opportunities overseas to counteract slower economic and price growth at home, the residential development investment is up 80% (from US$600 million to US$1.1 billion), with the United Kingdom, Australia and the United States seeing most of the investment," says David Green-Morgan, global capital markets research director at Jones Lang LaSalle. Homebuyers are also shifting to the foreign markets. Credit Suisse predicted in an earlier report that Chinese buyers could pour as much as A$44 billion into the Australian residential market in the next seven years. Huw McKay, senior international economist at Westpac says, "There is little doubt that some of the funds produced by secondary market sales in China will find their way into foreign real estate." (jacky.wong@wsj.com; Twitter: @jackycwong)
        (END) Dow Jones Newswires

        May 07, 2014 01:05 ET (05:05 GMT)