Why is China's wealthy buying property in Singapore? | MS Explains

Wealthy Chinese nationals are buying up some of Singapore's most expensive properties. But why now and why Singapore?

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[RB-rpud]

When all these wealthy people snap up properties in Singapore, though they could be the high end ones, it’s the locals who will suffer with the spillover effects of higher property prices. What’s more profound is the higher inflation, interest rates, prices of essentials which impact our daily lives while wage increases are just minimal.

[danltc]

Firstly, does the SG gov even know what is going on in the property market? If they did, why has the response by them been so docile? A chinese national was recently quoted in an article that the new ABSD was merely a price for barrier of entry which they would gladly pay.. doesnt that simply make the new ABSD and our gov a joke? Shouldnt there be a rethink of policies?

Countries with ample land like Canada, Australia and New Zealand have policies whereby a majority of a building has to be owned by locals before foreigners are allowed to purchase. As well as when these foreigners want to sell, they have to sell it to a local. Shouldn't Singapore, a serverely land starved country, implement something similar?

[Mars-nrmb]

It's also good for the relationship between Singapore and China if we stop them from coming in. I recently read some articles from their state-controlled newspapers and discovered they already know that there has been constant wealth transfer to overseas from China itself since the start of pandemic, and they clearly indicate Singapore is the hottest destination, I'm sure Xi's govt will not be too happy to see a situation like this.

[Buttercookies]

Singapore has such limited land space. There must be regulations to control the purchasing of properties in Singapore by rich foreigners so as not to upset the property market for the locals.

[toni-kaku]

If this continues, one day the Chinese government will come to claim Singapore as their own.

[DXclno]

Most people here talk like they can afford to buy these posh apartments here without the Chinese buying. No. You can't. It's several million without them still. You buy your HDB. This is private market

[azhariarif]

"One of the most expensive apartment in Singapore." Jesus. If that's what luxury apartment looks like in Singapore, then fuck me I live like an emperor in Malaysia.

[Mars-nrmb]

Time to stop the influx of China nationals (of course we still need some of them for service and construction sectors), I am sure after the gradual reopening of 🇨🇳, there will be massive influx of PRCs from all social hierarchies due to recently reduced patriotism/trust towards their govt, it's disastrous as the housing market has already gone crasy for almost two years. It's not difficult spot wealthy PRCs, typically they have no job, and are not intend to work in Singapore, they simply travel here for vacations and business such as buying private properties, and etc.

[tonykiang]

Reminds me when mainland Chinese influx into Hkg n snap up properties and upset the local demographics.
Will Spore face same fate?

[miklee]

We are being squeezed out in a huge way. No surprise, prcs being pap's most favourite people. So sorry for fellow malays and Indians.
The infection numbers will spike.

[georgegoh]

May I know who are the one that jack up the property prices? Unrealistics and Bubbes of the day who suffer (ordinary Singaaporeans itself)? Is right that the Chniese authorities to tax the rich. If to avoid then they should be staying in the west not in asian countries

[ThatMevely]

No leh, a chinese businessman bought cityvibe and renamed it to grantral mall. Now that mall is not well maintained and the escalators are always broken. Clementi Mall and Grantral Mall (CityVibe) are built around the same time but now they feel as though they were built from different generations…
-Mev

[sophiaisabelle]

We appreciate videos like this. Keep up the good work.

[___Danny___]

They are buying up our medicine like panadol and ART test kits as well😢

[chuckinola]

Thats the strategy. To raise demand thus increase prices. Our garmen very smart in stealing our money.

[______-]

Yeah we need to limit the amount of foreigners rich or not we have not enough space

[neggsilver]

Wow, the decor looks exactly like those rooms you see on taobao when you search to buy furniture.

[MrBoliao]

They are 0.5% of the buyers. What should be done is that you restrict them to CR and not outside. Basic middle class people need affordable private homes. ABSD do you want it so high? If want just build a bunch of condo in D9, D10, D11 let them park. Just rebuild. But make sure Sgrean have houses in our heartlands.

wah, salary not even +10% but my rent has already 2x

[kccheong]

Aiya, let the mainland Chinese come la since these rich folks will hide their money in our banking system. Then we don't need to worry leh and we will " Jiak Bo Liao" or "can't finished eating". Then we can be relaxed and use our high value currency ($S1 = RM3) to spend it in JB for delicious durians and maintain our Phua Chu Kang contractors being the best in Singapore and JB. (From Singapore)