GCC investment funds are in talks to acquire distressed real estate development companies in China, capitalizing the Chinese government’s incentives and the real estate prices that hit their lowest level, Al Eqtisadiah newspaper reported, citing informed sources.
Independent investment funds in Saudi Arabia, Qatar, and Kuwait reached advanced stages of the acquisitions as Abu Dhabi Investment Authority acquired Wanda Co., which is the largest commercial real estate development company in China, for 60 billion yuan ($8 billion).
GCC investors believe that the real estate prices in China hit the bottom, which is an appropriate opportunity to acquire the Chinese real estate developers, according to the sources.
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