27 Feb '11, 10pm

More mainland Chinese buying private homes in Singapore

SINGAPORE - More mainland Chinese are buying private homes in Singapore, with a record number doing so in the last quarter of last year, according to data from the Urban Redevelopment Authority (URA). And with the Chinese government rolling out more drastic measures to cool its overheated market - such as higher down payment norms for second home purchases and a property tax in Shanghai and Chongqing - analysts say more Chinese will park their money in property here. In the final quarter of last year, Chinese nationals accounted for a record 23 per cent of private residential purchases in the Republic by non-Singapore citizens, according to a quarterly report by real-estate consultant DTZ. They overtook Indonesians to emerge as the second-largest group of foreign property buyers here after Malaysians, traditionally the dominant group among non-Singaporean buyers, DTZ noted...

Full article: http://www.todayonline.com/Business/EDC110228-0000164/Chi...

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