Wealthy Chinese investors go on a property buying spree across Asia Pacific
Sources reveal that they have been snapping up high-end homes to protect themselves from the economic downturn
On Tuesday, The Japan Times reported that rich investors from China have been purchasing luxury homes across the Asia Pacific region to secure their wealth against expected inflation and weakening local currency.
Their buying spree has caused a price increase for upscale housing in China, but it has also provided support for the rest of the region’s property markets that were deeply affected by the outbreak.
Black Diamondz founder Monika Tu, whose Australian firm focuses on Chinese buyers of high-end property, said that they have sold AUD85 million (USD55 million) of luxury properties to date. She explained that about half of these transactions were with Chinese investors who were in Australia when the outbreak started.
More: Asian investors search for lucrative property deals beneficial in a post-coronavirus world
According to her, the total sales volume rose by 25 percent compared to a year before. The high-end properties, valued between AUD7.25 million to AUD19.5 million, were in the ocean-front suburbs of Sydney, such as Point Piper.
Since the authorities across the region started gradually easing lockdown restrictions, rich Chinese were able to visit prospective properties and seal deals in neighbouring hot spots, such as Sydney, Seoul and Shanghai. Singapore, which is another favourite by Chinese investors, have been able to finalise multi-million-dollar transactions through virtual tours and photos.
Meanwhile, inquiries for homes in South Korea surged by 180 percent in the first quarter of 2020 compared to the last quarter of 2019. As for inquiries on properties in New Zealand, the number also increased by 75 percent, revealed real estate firm Juwai Iqi.
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