U.S. top spot for Asian real-estate cash

 

The U.S. has displaced Europe as the favorite place for Asian investment in foreign commercial real estate.

Cross-border property investment by Asians surged to $8.6 billion in the first quarter, the most active start to a year since institutions in the region began a major push into overseas real estate in 2013, CBRE Group Inc. said in a statement Friday. The U.S. captured $3.3 billion of the total, ahead of Europe’s $2.5 billion.

Large cities such as New York have benefited from an influx of foreign cash that is pushing prices on top-tier buildings to records. Beijing-based Anbang Insurance Group Co. bought the landmark Waldorf Astoria in February for $1.95 billion, the largest deal ever for a U.S hotel. Office towers are fetching prices 33 percent above the peaks of 2008, according to an index from Moody’s Investors Service and Real Capital Analytics Inc.

Read the entire article at Arkansas Online.