Australia is the top overseas destination for Chinese property hunters in the first half of this year, according to a ranking. Find out more.
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Meanwhile, Chinese demand is likely to grow as international travel resumes, according to Kashif Ansari, group chief executive officer and co-founder of Juwai IQI. A significant portion of real estate transactions are still dependent on buyers being able to go abroad, though outbound travel has yet to rebound to pre-pandemic levels due to limited airline capacity and expensive fares, he said.
President Xi Jinping’s push for “common prosperity” means China’s wealthy have been flocking to more welcoming places like Singapore or setting up a backup plan, while three years of harsh COVID Zero restrictions have added to reasons to relocate. Capital flight from the mainland could reach US$150 billion this year, as more people park their money abroad for fear of additional measures at home.
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