Rich Chinese snapping up luxury homes from Singapore to Sydney

Across China and in some of their familiar hunting grounds in Asia, wealthy buyers are snapping up luxury housing, in many cases to guard their wealth against anticipated inflation and a weakening yuan. The rush to add real estate has led to a jump in upmarket housing prices in China, while offering some support for Asian property markets hit hard by the pandemic.

A gradual easing of virus restrictions is making it easier for wealthy Chinese to view properties and complete purchases in nearby Asian hot spots like Shanghai, Seoul and Sydney. In another favourite Singapore, virtual tours and photos have been enough to seal multi-million dollar deals, pointing to how transactions are evolving. That’s in contrast to London and New York where real estate remains sluggish amid lockdowns.

The high-end demand is bolstering prices in China and tempering declines in other markets. Prices for top-end homes in the four biggest Chinese cities rose 1% in April, led by the biggest jump in two years in the tech hub of Shenzhen. Hong Kong SlumpHong Kong used to be a favoured destination due to its proximity to mainland China and fewer market restrictions. But the pro-democracy protests have prompted many rich Chinese to turn to Singapore as an alternative, undeterred by the higher taxes. Hong Kong luxury home prices dropped 4.5% in the first quarter, double the decline in Singapore.

The potential Chinese buyers, who stayed in Malaysia when countries started to close their borders, began viewing properties after Malaysia eased restrictions, said Zulkhairi. He’s confident the spark of interest will last. Homes priced at about 20 million yuan in the country’s biggest cities have emerged as among the most popular since April, when authorities started to ease credit to help revive the economy, according to China Real Estate Information Corp.

Great. More trash coming in.

Shld chk if covid free first at borders. So no repeat of pandemic across the world again and into countries

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