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Thread: Chinese are top foreign buyers of homes here

  1. #1
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    Default Chinese are top foreign buyers of homes here

    http://www.straitstimes.com/PrimeNew...ry_651249.html

    Mar 31, 2011

    Chinese are top foreign buyers of homes here

    By Esther Teo, Property Reporter


    CHINESE buyers acquired more homes here than any other group of foreigners in the first three months of the year, bypassing Malaysians, the traditional leaders, in the process.

    Mainland Chinese - including permanent residents (PRs) - snapped up 241 homes this quarter, according to caveats retrieved to March 30 by Jones Lang LaSalle (JLL). This comprised 8 per cent of all non-landed sales and 22 per cent of all purchases made by foreigners in the three months.

    Experts say tighter home-buying policies in China, such as restrictions on residents in major cities buying a second or third home, have prompted more Chinese buyers to look further afield.

    Mr Jack Teo, a GPS Alliance agent who recently sold a Bishan Loft unit to a Chinese PR, said he has received more inquiries from Chinese buyers looking for apartments.

    'There are a lot of Chinese immigrants here and their mindset is that renting is expensive and so they would rather buy,' he said.

    'With the measures, they have the extra cash now and some parents might be looking for affordable homes of less than $1 million to buy for their kids studying here.'

    The trend was already evident in the last quarter of last year, according to a DTZ Research report that found that Chinese buyers had overtaken Indonesians for the first time and were closing in on Malaysians.

    The Malaysians were supplanted this year, with Indonesians in third place and Indians close behind.

    Experts also note that Chinese buyers occupy two extreme ends of the market. The JLL analysis found Chinese buyers this quarter dominating both the mass-market segment and the ultra-posh sector of homes priced at $5 million or more.

    They bought 151 mass-market units priced between $500,000 and $1.5 million, or 8 per cent of homes in the segment, JLL said. They were followed closely by Malaysians.

    The firm defines mass-market as districts outside of the prime, central and east coast areas.

    Chinese buyers also acquired 17 of the 54 units priced over $5 million sold to foreigners in the central and prime districts this quarter.

    The rest were bought by buyers from Indonesia, Britain and Malaysia, among other nations.

    Foreigners played a key role in the overall market this quarter, buying 32 per cent of the 3,090 non-landed homes sold, JLL added. This includes all new sale, subsale and resale transactions.

    Experts say the increasing ranks of Chinese home buyers is no surprise given that Singapore provides a safe environment for cash-rich Chinese to acquire secure assets like property.

    OrangeTee's executive director of residential, Mr Steven Tan, said that after 'drastic measures' to restrict home purchases were introduced, the Chinese were eager to invest abroad, not just in Singapore but in countries like Australia.

    'We have noticed a clear trend since the limitations were introduced and can already feel things changing this quarter... This trend is likely to continue, with the Chinese increasingly significant in their buying power.'

    While mass-market homes might have been bought for owner-occupation by PRs, the high-end homes were probably bought by cash-rich businessmen for investment purposes, Mr Tan added.

    JLL's South-east Asia research head, Dr Chua Yang Liang, said prices are likely to stay up thanks to continued interest from foreign buyers, especially those from China and the region.

    'The surge in Chinese buyers in Singapore coincided with the policy tightening in China,' said Dr Chua. 'We can expect the number of Chinese buyers to continue at a healthy level... as the fiscal and monetary policies in China remain conducive to overseas investment by the wealthier Chinese.'

    The Shanghai authorities, for example, announced on Monday that it will limit gains in new home prices to no more than the pace of economic growth and average income expansion.

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    Quote Originally Posted by mr funny
    Foreigners played a key role in the overall market this quarter, buying 32 per cent of the 3,090 non-landed homes sold, JLL added. This includes all new sale, subsale and resale transactions.

    'The surge in Chinese buyers in Singapore coincided with the policy tightening in China,' said Dr Chua. 'We can expect the number of Chinese buyers to continue at a healthy level... as the fiscal and monetary policies in China remain conducive to overseas investment by the wealthier Chinese.'
    At 32% of all non-landed home sales falls into a foreigner, Singapore's housing market is so fluid... These foreigners can really turn the tides in our housing sector...

    Also, how is it that these number of chinese buyers coming into our country at such a level considered a healthy level? Whose health is referred here? Prices climbing too rapidly for a regular singaporean to feel healthy or what???

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    Wonder which condos will be chinatown

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    Quote Originally Posted by azeoprop
    Wonder which condos will be chinatown
    does it affect? foreigners are already all around us. Chinese, indians, ang mos, malaysians and bananas. naturally u see them around the estates and work place. Only important to have nice neigbours. They buy in both ends of the property market.

    1% of chinaman come, our property market super huat liao lor

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    Quote Originally Posted by azeoprop
    Wonder which condos will be chinatown
    I know which condo is "little india " Liao...

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    I see a couple of caucasians in our heartland coffeeshops being served a couple of bottles of beer. No more clark quay pubs for some of these guys.

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    Quote Originally Posted by kane
    I see a couple of caucasians in our heartland coffeeshops being served a couple of bottles of beer. No more clark quay pubs for some of these guys.
    alot tio big time when USA & Europe cui. Personally spoke to someone at my babyshower that was managing USD$1b worth of properties in portfolio in a holding company that went CUI. Write off the loses and come asia to work...

    Got up got down lah. Asia is the next decade engine of growth for the world. Make Singapore "London" of Europe man.

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    Was that his personal portfolio?

    Those Caucasians are prudent. 3 bottles = 1 glass in Clark Quay.

    I think there's room for both HK & SG to be London of Asia.

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    Quote Originally Posted by kane
    Was that his personal portfolio?

    Those Caucasians are prudent. 3 bottles = 1 glass in Clark Quay.

    I think there's room for both HK & SG to be London of Asia.
    i visited URA SHOWROOM of Singapore!!! i m f**king impressed!! YES u are right!! i m using the F word to show my lvl of impressiveness.

    When Foreigners see the showflat of SIngapore. Cannot help but wanna buy into this piece of Action. Very nice, bros here should check it out

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    Quote Originally Posted by kane
    Was that his personal portfolio?

    Those Caucasians are prudent. 3 bottles = 1 glass in Clark Quay.

    I think there's room for both HK & SG to be London of Asia.
    alot of the portfolio was in america. Think throw all of his $$ in to be a shareholder.... CUI big time. No pain no gain...... i think very pain for him

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    Assuming 20% equity and 50% stake, he would have $100m equity. Ouch.

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    Quote Originally Posted by DaytonaSS
    i visited URA SHOWROOM of Singapore!!! i m f**king impressed!! YES u are right!! i m using the F word to show my lvl of impressiveness.

    When Foreigners see the showflat of SIngapore. Cannot help but wanna buy into this piece of Action. Very nice, bros here should check it out
    got new ura showroom? few yrs back visited once....not impressed wor...hmm

    i only visited the marina bay gallery wor...pretty impressed too...they die die squeeze in pinnacle into the model...haha

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    Quote Originally Posted by devilplate
    got new ura showroom? few yrs back visited once....not impressed wor...hmm

    i only visited the marina bay gallery wor...pretty impressed too...they die die squeeze in pinnacle into the model...haha
    u being a property buff, u will love this place. super impressive. better than visit any other showroom. For those of u dont know where one its beside Maxwell market. THUMBS UP

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    Quote Originally Posted by kane
    Assuming 20% equity and 50% stake, he would have $100m equity. Ouch.
    oredi got 100mil...dun nid so hiong rite....

    i am happy to put 50mil on govt bonds/FDs/some foreign currencies/gold bars if i got 100mil....dun nid to fry ppty and stocks liao....hehe

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    everybody wants to be a donald trump. a 50-50 allocation between properties and securities would be nice. walk around with a bag full of keys and collecting rent every day of the month. shiok.

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