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China’s new wave of ‘mid-tier’ investors set their sights on Singapore property
- Members of mainland China’s burgeoning middle class are increasingly looking to park their wealth somewhere outside the country
- Hong Kong was once their property market of choice, but amid months of anti-government protests, the Lion City has become a more attractive option
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Guangzhou resident Jacky has plans to buy a two-bedroom condominium in Singapore when he visits the city state over the Lunar New Year break in January.
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With a S$2 million (US$1.48 million) budget, the businessman in his 30s intends to add the Lion City to the list of places he has invested in, which now includes the southeastern Chinese city of Shenzhen and Hong Kong.
Jacky is among a new wave of “mid-tier” wannabe investors from mainland China’s burgeoning middle class who are looking to park their wealth outside the country, according to five Singapore property agents interviewed by This Week In Asia .
Jacky, who did not want to give his full name citing privacy concerns, said he had considered making another investment in Hong Kong but more than six months of anti-government protests had made him shift his sights further south.
“[I am] planning to sell my Hong Kong property and buy something in Singapore because the country is more stable and the currency is stronger,” said Jacky, who is in his late 30s. “It’s too messy in Hong Kong.”
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Clarence Foo, an associate division director of real estate company ERA, said Hong Kong used to be a “strong option” for investors like Jacky, but not anymore.
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