CHINESE BUYERS ARE driving global commercial real estate turnover, albeit in their local markets. Chinese funds make up more than 90% of the top 10 most active buyers by global deal volume, with $48.3 billion of reported acquisitions, according to Real Capital Analytics, a US-based data provider. Blackstone is the only western fund to feature in the Real Capital Analytics Most Active Buyers table, with $4.1 billion invested this year. Despite growing fears that fiscal stimulus has inflated the property market to unsustainable levels, Chinese rents and valuations have recovered after a brief dip following the 2009 Olympics construction boom. Jason Kern, managing director and head of real estate advisory, Asia-Pacific, at HBSC, says that residential demand in such markets as China, Hong Kong, Singapore and India has clearly been keeping up with supply, as evidenced by escalating home prices across the region and the consequent policy tightening by various governments to "let some air out of the bubble".