165438+1October 24th British media reported that the scale of China's foreign real estate investment fell to the lowest point in four years in the third quarter of this year, highlighting the impact of tighter capital controls on the global asset market.

According to the Financial Times website165438+1October 22nd, in recent years, insurance companies, banks and private equity funds in China have become the most important bidders for real estate in the world, frequently bidding for large office buildings and luxury hotels in major cities such as London, new york and Sydney. However, Beijing began to restrict overseas acquisitions at the end of last year for fear of capital outflow and RMB depreciation.

According to the latest report of Cushman & Wakefield, a multinational real estate group, China's foreign real estate investment in the third quarter of this year was only $2.5 billion, the lowest point since the fourth quarter of 20 13. In the first nine months of this year, the total foreign real estate investment in China was182 billion US dollars, while the total investment last year was 38.3 billion US dollars.

James Sheppard, head of the Greater China Research Department of Cushman & Wakefield Property Consulting Co., said in the report: "The government has strengthened the review of real estate investment activities. Before the 19th National Congress of the Communist Party of China, investors were cautious. These two factors have an inhibitory effect on overseas trading volume. "

According to the data of the Ministry of Commerce of China, in the first nine months of this year, China's total foreign non-financial direct investment fell to 78 billion US dollars, a decrease of 42%, but this data was not broken down into specific industries.

Neither Cushman & Wakefield nor the Ministry of Commerce of China include personal real estate investment data.

In August this year, the State Council, China, issued the guiding opinions on regulating foreign investment, strengthening and integrating the measures introduced one after another in the previous year. The guidance divides overseas investment into three categories: encouraging development, restricting development and prohibiting development. Overseas investment in real estate, hotels, cinemas, entertainment and sports clubs belongs to the category of "restricted development".

According to the report, with the decrease of foreign real estate investment cash flow, the investment focus of China Minsheng Investment has shifted from ready-made properties to "green land investment" (referring to the investment form of multinational companies establishing wholly-owned or joint ventures in the host country). Development projects accounted for 58% of all real estate investment in the third quarter, compared with 65,438+00% in the second quarter of last year, while the share of office investment decreased from 765,438+0% to 28% in the same period.

Analysts said that Beijing believes that "greenfield investment" is less speculative than the acquisition of completed buildings, and it will also help China developers gain valuable overseas business experience.

In addition to "green land investment", Cushman & Wakefield Property Consulting Company predicts that logistics and R&D center will become new growth points of China's foreign real estate investment, and these two areas are "encouraged" in the new guidance. Logistics is also related to another encouraged category, namely, projects related to the Belt and Road Initiative, which aims to connect China with some other developing countries in the world through infrastructure construction.

Shepard wrote: "The mainstream attitude of China officials makes us believe that although real estate investment activities are censored, projects related to the Belt and Road Initiative may be taken care of."