20 Mar '16, 6am

Chinese nationals still buying Singapore homes for their kids - PropertyGuru Singapore (press release)

Mainland Chinese and Malaysian buyers formed 54 percent of foreign home purchases in 2015. Despite facing weaker currencies and slowing economies, mainland Chinese and Malaysians remain the top foreign buyers of Singapore property, revealed DTZ. Together, they bought 1,952 private homes in 2015, or 54 percent of total foreign purchases. Specifically, sales to Chinese nationals fell slightly by 3.8 percent to 998 units, while Malaysian home purchases remained largely unchanged at 954 units. “The devaluation of the Chinese yuan in August 2015 meant that mainland Chinese nationals found their purchasing power clipped, as their national currency weakened against the Singapore dollar,” said DTZ. Still, both groups of foreign buyers posted healthy purchases last year compared to 2008, during the Global Financial Crisis, when mainland Chinese only purchased 362 private homes, whi...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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