The fall came as a result of Beijing continuing to pressure Chinese investors to bring cash home, instead of allowing it to leave the country. Recall, we reported back in early December that Chinese firms had dumped $1 billion of US real estate in the quarter prior. 

Various investors, including insurers and conglomerates in mainland China, were net sellers of $854 million worth of US commercial property in the fourth quarter, according to Real Capital Analytics. This is the third quarter in a row that Chinese investors were net sellers of US property, the first such stretch of this length.

And, of course, the selling stands in significant contrast to the five years prior to 2018 when Chinese conglomerates led a seemingly endless buying spree in the United States. Tens of billions of dollars of Chinese money was spent on places like the Waldorf Astoria New York and a nearly billion dollar skyscraper development in Chicago.