Global institutional investors and fund managers are taking a dimmer view of China’s property market and instead are placing their bets in Japan and Australia, according to a new survey.

Investors--who had last year looked to expand their portfolio of factories, business parks, warehouses and shopping malls in China’s first-tier cities of Beijing, Shanghai, Shenzhen and Guangzhou--are no longer attracted to such assets, according to the survey released Wednesday by the Asian Association for Investors in Non-Listed Real Estate...