Nov. 1 (Bloomberg) -- Shanghai built more skyscrapers in 15 years than New York did in a century, Beijing has the equivalent of three Manhattans under construction, and China's government says it's concerned about a property bubble. Morgan Stanley, JPMorgan Chase & Co. and other investors are undeterred.

Investment by overseas institutions in Chinese real estate will at least triple to more than $1 billion this year, according to Jones Lang LaSalle Inc., a Chicago-based real estate brokerage and manager. Planned investments total $35 billion, says Colliers International Property Consultants Inc..

Investors such as Morgan Stanley, JPMorgan and Singapore's CapitaLand Ltd. are betting rising incomes and deregulation of the banking and retail industries will spur demand for offices, shops and homes in the world's fastest-growing major economy. The surge of interest comes as prices falter after government- imposed lending and other restrictions to cool the market.

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