New Delhi, Feb 10 : Mumbai is ranked seventh among the 10 Asia-Pacific (APAC) cities and emerged as a preferred destination for cross-border investment in the region. CBRE, the world's leading real estate consulting firm, on Friday announced the findings of its 2023 Asia Pacific Investor Intentions Survey. According to the survey, Mumbai ranks ahead of Shanghai (ranked #8), Hanoi (ranked #9) and Seoul (ranked #10)on the list. No other Indian city had featured in the list in the last two years. Tokyo topped the chart for the fourth consecutive year as the target market for cross-border investment, followed by Singapore. Vietnam continues to benefit from its status as a "China-plus One" destination. Mumbai (ranked #7) and Shanghai (ranked #8) continue to be a focus for long-term investors looking to add to their real estate exposure in the world's two biggest emerging economies. The survey covered all asset classes, finding that nearly one-third (31per cent) of investors will target opportunistic strategies, distressed assets, and non-performing loans this year to take advantage of current market conditions. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE said, "Real estate sector in India has remained resilient throughout 2022. Despite the challenging times, businesses have looked at India as an attractive, resilient, and cost-effective investment destination. The Indian economy is likely to remain a key driver of global growth in 2023. Investment activity in real estate surged to an all-time high in 2022, with Mumbai, Delhi-NCR, cumulatively accounting for 56 per cent of the investments in 2022. We expect Capital flows likely to remain steady in 2023." Henry Chin, Global Head of Investor Thought Leadership & Head of Research, Asia Pacific, CBRE said, "Industrial and logistics continues to be the most preferred asset class for Asia Pacific investors, followed by office and residential. The survey finds that core investors still opt for offices as their top choice. Investors are showing much stronger interest in the residential sector, especially multifamily/built to rent. We expect yields to expand further across all asset classes in 2023." As per the survey, more than 60 per cent of investors expect to find discounts in retail and Grade A offices in 2023. Despite logistics being the most preferred asset class, only 11 per cent of the investors are willing to bid above the asking price this year, compared to 35 per cent in 2022. Greg Hyland, Head of Capital Markets, Asia Pacific, CBRE, said, "Despite healthy fundraising levels, most investors are adopting a cautious approach as they look for signs of yield expansion and the interest rate tightening cycle to stabilize. We expect investment activity to accelerate in the year's second half." /IANS