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Mainlanders become top buyers in new-build markets, survey shows
CHINESE mainlanders are the most influential buyers in the world's prime new-build markets, fuelled in part by a strong yuan as well as slowing domestic economy, global independent property consultancy Knight Frank said in a report released today.
Buyers from the Chinese mainland are the top purchasers of new-build residential property in Sydney and Hong Kong and are active in both Kuala Lumpur and Bangkok, according to Knight Frank's latest global development insight, which takes into account the buying habits of high net worth individuals around the world. Chinese mainlanders are followed by Singaporean and Russian investors, the report said.
"We are seeing more Chinese showing interest in buying overseas new-build homes as they diverse their investment portfolio while preparing for potential overseas studies for their children," noted Elsa Tian, associate director of international project marketing at Knight Frank Shanghai. "We expect this trend to continue."
China’s growing importance has reflected the rise of Asia as a wealth creation hub. Asia is second only to North America in terms of its billionaire population and the number of high net worth individuals in China is forecast to jump by 137 percent over the coming decade, an earlier wealth report issued by the property consultancy showed.
The recent residential market cooling measures in Asia have also acted as a spur for many investors from the region to look further afield. Singaporean and Russian investors are the next most active buyers of new-build residential property around the world, followed by UK and US buyers.
In terms of the reasons that underpin investors' decision, the Knight Frank report has found that buyers are increasingly drawn to cities they perceive to be sheltered from wider economic issues with 47 percent of respondents saying that the "safe haven effect" is the biggest draw for their respective markets.
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