News
Chinese Buyers Push Property Prices Up
January 20, 2015
Before 2012, Chinese insurers weren’t allowed to invest overseas. Now that that’s changed, they’re scooping up foreign property like Oprah fans collect cars, and trophy real estate sellers are lapping it up, reports Bloomberg. With $1.6T in assets, the freedom to spend it, and the support from their government, Chinese insurers are more confident to spend the big bucks—making them really competitive. For example, last October Anbang Insurance Group landed the Waldorf Astoria (above) for $1.95B by offering full asking before it officially hit the market. That’s $1.38M per key. But as expensive as that seems, it’s a good investment when you consider how quickly prices are rising.
