By Jason Chow | The Wall Street Journal
After years of splurging on pricey condos and mansions in the West, Asia’s rich now are buying small office buildings, retail shops and branded hotels in Europe and North America, searching for stable returns and diversifying away from home markets they view as increasingly risky and volatile.
In the first six months of this year, Asian private investors poured $1.9 billion into U.S. commercial properties, according to data from Real Capital Analytics. That total already dwarfs the $551.4 million worth of U.S. commercial real estate purchased by Asian private investors in 2012.
Trophy assets still draw attention, including such deals as Chinese developer Zhang Xin’s acquisition of a minority stake in the General Motors Building in New York in June. But real-estate insiders around the world say they are seeing a surge of interest by less-wealthy Asians for deals worth less than $30 million, which are typically the domain of local, private investors.
