Chinese set to double spending on overseas properties

Chinese investors in 2014 are likely to spend at least twice as much on overseas property assets as last year, a report from Colliers International showed on Wednesday.

"A striking feature in the market is likely to be a big increase in outbound capital investment by Asian investors, and Chinese investors are set to lead the way in this trend," said Simon Lo, executive director of research and advisory, Asia, at Colliers International.

Favorite investment destinations will be gateway cities like London, New York and Chicago, it said.

"They will be seeking to exploit the big differences between the property cycles in Asia and the US and Europe in order to achieve better yields and enjoy the strategic benefits of diversification," said Lo.

Asia's accelerating economic growth and rising industrial output and retail sales all point to a positive outlook for the region's property markets during the coming year, according to Colliers International.