China currency decline a boon to global property market – JLL

A decline in the renminbi against the US dollar and other currencies beginning last year with the Chinese government’s decision to allow greater flexibility in the exchange rate has been beneficial to the global real estate market, real estate services and analysis firm Jones Lang Lasalle (JLL) said in a report last week.

The move to allow the renminbi to depreciate – it has fallen 4.88 percent against the US dollar over the last year – has “intensified the appetite among mainland Chinese investors to acquire overseas properties, as well as stoking interest among Chinese insurance and other financial companies in holding real estate assets instead of cash.