Singapore ousted China to become the biggest Asian investor in U.S. commercial property last year.
It was the first time since 2012 that the city outspent China, according to data from Real Capital Analytics and Cushman & Wakefield Inc. Deals by Chinese investors plunged 66 percent to $5.9 billion as regulators cracked down on capital outflows.
“We expect Singapore to continue to be the single largest source of Asian investments in the U.S. real estate markets,” said Priyaranjan Kumar, Cushman’s regional executive director of capital markets for Asia Pacific, adding that money may flow into data centers, student accommodation and logistics.
Sovereign wealth fund GIC Pte accounted for almost three-quarters of the $9.5 billion of Singaporean purchases, investing in properties including 60 Wall Street in Manhattan, which houses the U.S. headquarters of Deutsche Bank AG, and a portfolio of student accommodation.
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