The Chinese city of Shanghai has become the top destination for real estate investment in Asia Pacific, squeezing out Tokyo from the number 1 spot in the fourth quarter of last year, according to data from JLL.
"Domestic capital was the main driver of real estate transaction volumes in 2016, with domestic investors often outbidding foreign investors in many transactions.
We believe that China ? particularly Tier 1 cities ? remains attractive to foreign investors as the market matures," JLL`s head of research for China, Joe Zhou, said in a statement.
According to the real estate investment manager, Shanghai`s strong performance was driven by large transactions including ARA Asset Management`s $2.91 billion investment in the Century Link complex in October, which was the biggest single-asset property transaction in Asia Pacific in 2016.
Other high profile deals included the SCPG Holdings Properties portfolio that purchased by China Vanke from the Blackstone Group for $1.9 billion.
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