The Chinese are investing again in real estate in Singapore
A view of a neighborhood in Singapore in September 2019 (Illustrative image).
© Vincent Thian / PA
Text by: RFI Follow
1 min
With the lifting of health restrictions in the Middle Kingdom, Chinese tourists are once again traveling to Southeast Asia.
In Singapore, this return is reflected in the growing interest of Chinese investors in the real estate sector.
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With our correspondent in Singapore
,
Juliette Pietraszewski
Agencies in the microstate saw a 10-15% increase in demand from Chinese investors in January, according to Singapore-based property firm OrangeTee and Tie.
It is mainly Chinese buyers with very high incomes who plan to invest in real estate in Singapore in recent weeks.
In the city-state, a foreign investor must pay 30% additional taxes compared to a permanent resident.
And on this point precisely, some are betting on obtaining this permanent resident status to lower this substantial tax.
At the same time, the consultant Henley & Partners, which specializes in residency and citizenship by investment, is also seeing an increase in immigration applications from mainland China and Hong Kong.
An increase which coincides with
the lifting of health restrictions in China
, allowing Chinese nationals to leave their territory after nearly three years of total closure.
Ideal living environment
“
Since the reopening of China, we have seen a 600% increase in demand from these buyers.
Singapore of course ticks a lot of boxes in terms of what wealthy individuals are looking for in order to settle down.
The main reasons are: the good level of education, the quality of health care, the environment itself, it is safe and secure
”, explains Dominic Volek, head of the Singapore office of Henley & Partners .
As a reminder, in 2022, the Chinese accounted for around 7% of Singapore's foreign purchases.
►Also read: Hong Kong completely reopens its borders with China and struggles to attract tourists
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