SINGAPORE: There was a record number of mainland Chinese home buyers in the last quarter of 2010, according to data from the Urban Redevelopment Authority (URA).
With more drastic cooling measures implemented by the Chinese government, analysts say more Chinese will put their money in Singapore property.
Mainland Chinese
buyers are now the second largest group of foreigners who buy homes in
Singapore, falling behind to Malaysian buyers - who have typically
dominated foreign ownership of property here.
Chinese buyers
accounted for 23 per cent of foreign buyers in the fourth quarter of
2010, up 3 percentage points from the previous quarter.
They have outpaced Indonesian buyers, who fell behind at 18 percent.
Overall, Chinese buyers accounted for 19 percent of all foreign buyers in 2010.
Analysts
say investing in Singapore property for the long-term is no longer
unique to Singaporeans, but have extended to the mainland Chinese as
well.
Mr Ku Swee Yong, CEO and international property advisor,
said, "there's a very large pool of chinese buyers who need to buy
properties in singapore for their own use - for schooling, for coming
into singapore to work, for immigration purposes, all these are a
natural consequence of the efforts singapore has put in to promote
ourselves in china over the last decade or so".
Some experts are
concerned about the impact on the property market if foreign buyers
make a quick exit; but others say the current level of foreign ownership
is not alarming.
"Singaporean buyers still make up the majority
of buyers - about 70 percent, so that's still a very high proportion. So
for the foreigners even if they were to pull out, it's not going to
cause a big drop in prices if the singapore economy is still doing well
and the locals still continue to buy", said Ms Chua Chor Hoon, head of
Southeast Asia research at DTZ.
Still the proportion of
Singaporeans buying homes is also falling, according to URA data; with
Singaporean buyers falling to 72 per cent last year, as compared to 76
per cent in 2009.
- CNA/cc
and Sg is not the only country of their vast investment potentials....being chinese with a long enterprising spirit...they are taking the economic world by storm and hunger...
the big powers will kneel and polish their once soiled boots
these clowns are doing this in US as well............becoz they're trying to escape the bubble in China..................
when depression or deep recession comes.....................
China will be exposed as a paper dragon.................