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Mainlanders top buyers of new homes
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CHINESE mainlanders are the top buyers in the world’s prime “new-build” property markets helped by a strong yuan and a slowing domestic economy, global independent property consultant Knight Frank said in a report released yesterday.
Buyers from the Chinese mainland are the top purchasers of newly built residential properties in Sydney and Hong Kong and are active in Kuala Lumpur and Bangkok, said Knight Frank’s latest global development insight, which covers the buying habits of high net worth individuals globally. The Chinese mainlanders are followed by Singaporean, Russian, UK and US investors, the report said.
“We are seeing more Chinese showing interest in buying overseas new-build homes as they diversify their investment portfolio,” said Elsa Tian, associate director of international project marketing at Knight Frank Shanghai. “We expect this trend to continue.”
She said their purchases may be to provide a home for their children studying overseas.
China’s growing importance has reflected the rise of Asia as a wealth creation hub. Asia is second only to North America in terms of its billionaire population and the number of high net worth individuals in China is forecast to jump by 137 percent over the coming decade, an earlier wealth report issued by the property consultant said.
The recent residential market cooling policies in Asia have also pushed many investors from the region to look further afield.
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