CIC vies for office complex in London

For institutional investors such as CIC and other property developers, centrally located real estate in London, New York and Paris, offering steady cash income, are the top targets, said Zhang.

But there is also strong interest in acquisitions not necessary aimed at high-income generation by companies looking to take advantage of the current economic conditions in those cities, Zhang said.

"A number of real estate funds and property developers have contacted us seeking bargain projects overseas," said Zhang, who added that Chinese buyers have been swayed into overseas buying by the appreciation of the renminbi and rigorous real estate policies at home.

Chinese real estate companies have already made a number of trial investments overseas this year.

Beijing Capital Land Ltd, for instance, signed an agreement to purchase a land parcel in France on which it plans to establish a Sino-French economic zone.

Wanda Group, the country's largest commercial property developer, has revealed it plans to invest $10 billion in the US over the next decade, particularly in hotels, retail and commercial property.

And China Vanke Co Ltd, China's largest property developer by market value, has just set up a team to promote its business in the US.

"Compared with international competitors, Chinese property investors are sometimes a bit slow in the decision-making process, and as a result have missed out on some good prospects," said Zhang at Cushman & Wakefield.

"In some cases they are still unfamiliar with the legal and investment environment in target countries, but generally I think they are still a bit conservative."

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Contact the writer at huyuanyuan@chinadaily.com.cn