HONG Kong investors are among the biggest overseas buyers of Beijing property, despite dampened interest and a surge of purchases by Singaporean investors, a property specialist says. Karen Wong, joint chairman of Colliers Jardine, said Hong Kong investors accounted for 40 per cent of overseas buyers in Beijing property, but, a year ago, they made up between 60 and 70 per cent of purchases by foreigners. Ms Wong said Singaporeans were the leading buyers in China's capital. Singaporeans were buying in Beijing because their own market was saturated, she said. Buyers from Germany and the United States were also active. Hong Kong's share of the investment market had declined because of falling prices in the territory's property sector and turbulence in the stock market, she said. Between early 1994 and June this year, property prices fell between 30 and 40 per cent in Hong Kong. Meanwhile, Colliers Jardine had record sales of a Beijing property it marketed in Singapore. Ms Wong said 140 units of the Jingshan Burlingame Commercial Centre in Singapore, was sold in May for US$50 million - the agency's biggest sale. And an additional 30 units were sold two weeks later. But in Hong Kong, sales of the same development were low - only 30 units. High returns are available in Beijing. Gross yields of 20 per cent can be achieved, compared with only six per cent in Singapore. 'Obviously there is a risk in investing in the Chinese market . . . but even if yields come down by 50 per cent, when the buildings are completed, there will still be a 10 per cent yield,' Ms Wong said. 'There is danger - plus opportunity - of investing there.' Beijing offers good investment opportunities, because, although supply has increased, the rate of increase was slower than in other cities in China. This helped to maintain price levels. The government was exercising relatively tight control over the number of developments. Demand remained strong, with many foreign firms, such as Boeing, looking to rent commercial and residential property. Overseas Chinese are leading the flood of foreign investment in Beijing and other mainland cities for sentimental and cultural reasons.