{"id":116653,"date":"2020-05-26T11:22:01","date_gmt":"2020-05-26T04:22:01","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-among-favourite-destinations-for-chinese-property-buyers\/"},"modified":"2020-05-26T12:03:29","modified_gmt":"2020-05-26T05:03:29","slug":"singapore-among-favourite-destinations-for-chinese-property-buyers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-among-favourite-destinations-for-chinese-property-buyers\/","title":{"rendered":"Singapore among favourite destinations for Chinese property buyers"},"content":{"rendered":"


\nTo guard their wealth against the weakening yuan and the anticipated inflation, wealthy Chinese investors are turning to luxury real estate, with Singapore as one of their favourite destinations.
\nAnd given the rise of online platforms, photos and virtual tours have been enough to close multi-million dollar deals with such group of investors.
\nClarence Foo, a property agent with ERA unit, APAC Realty, revealed that three Chinese clients purchased six apartments worth a total of $20 million at Marina One Residences even without any virtual tours this month, reported Bloomberg.
\nAnother investor acquired three separate three-bedroom units within the same development for around $12 million. Marina One Residences is a five-minute walk to Marina Bay Sands hotel and casino.
\n\u201cSome buyers may want to divert their funds to other countries as the yuan may be devalued further to combat the weakening of their economy,\u201d explained Christine Sun, Head of Research and Consultancy at OrangeTee & Tie in Singapore.
\nRich Chinese investors used to favour Hong Kong due to its proximity to mainland China. However, the pro-democracy protests forced them to turn to Singapore, despite the city-state\u2019s higher taxes.
\n\u201cThey view Singapore\u2019s property market as a safe haven because of its stability. It\u2019s a more regulated market compared to say Hong Kong,\u201d said ERA\u2019s Foo.
\nChinese buyers also turned to South Korean properties, which saw inquiries from such buyers soar 180% in the first quarter of 2020 from the previous quarter, while New Zealand homes posted a 75% hike in inquiries, showed data from real estate firm Juwai Iqi.
\nThe rush to add real estate offered some support for Asian property markets that have been hit hard by the Covid-19 pandemic.
\n\u201cIt\u2019s been flat-out,\u201d noted Monika Tu, founder of Black Diamondz, an Australian firm catering to Chinese buyers of luxury property.
\nSince March, Tu sold A$85 million (S$79 million) of prime property, with around 50% of sales to Chinese buyers who were in Australia when Covid-19 pandemic hit. Priced from A$7.25 million (S$6.8 million) to A$19.5 million (S$18.2 million), the homes are all located within Sydney\u2019s well-heeled, ocean-front suburbs like Point Piper.
\n\u00a0
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore among favourite destinations for Chinese property buyers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

To guard their wealth against the weakening yuan and the anticipated inflation, wealthy Chinese investors...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-116653","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-ulv","jetpack-related-posts":[{"id":123474,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-downton-core-opportunity-not-to-be-missed\/","url_meta":{"origin":116653,"position":0},"title":"A Downton Core Opportunity Not To Be Missed","date":"November 29, 2021","format":false,"excerpt":"\r External view of Marina One, an integrated development comprising luxury residences, retail, lifestyle and F&B spaces as wells as Grade A offices. 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