For the last five year, the Asian and Gulf states investors have been the primary investor to underpin real estate values in both the US and Europe,

both home bias populist mature economies evolving through stages of arrested development concerning real GNP. However, in October of 2018 China became a net seller at the tune $845M dollars in US commercial real estate assets. There were some over leveraged Chinese investors allured by high-quality low default trophy assets and shadow banks. Dalian Wanda, HNA, An bang and Fosun International Ltd the trophy crew. High-quality trophy properties offer low default rates which made the Chinese investor adverse to unforeseen risk. The celebrity of deal-making and low default rates cause Chinese investors to become complacent to leverage and more risk-tolerant in 2016. So the shadow banks issue more leverage and they bought lower quality property assets 2016. Lower-quality debt issuance eventually was tested by the Chinese premier Xi Jiping recalling outbound capital which gave rise to increased defaults as Chinese investors had to sell the property at the declining stage of peak pricing in 2018. Some investors bought trophy property assets at top prices and then moved down the value chain. In 2019 the Chinese government has ordered an investigation into the loans of the top overseas deal makers of 2017.