Property investors from mainland China are sharpening their focus on Portugal and Singapore as alternative investment locations while shifting more money out of traditional markets like the US and Australia and Britain amid concerns about fraying trade relations.
While the Covid-19 pandemic has tempered overseas trips, it has not deterred investors from hunting for overseas assets. Enriched by the recent stock market boom, they have sought long-term foreign residencies through passport-for-cash schemes, or diversified their investment basket into less volatile markets.
This year, more mainlanders have rushed into Lisbon and Porto before the Portuguese government removes both cities from its “golden visa” programme next year, according to one industry consultant. In Singapore, they became the top foreign buyers of non-landed homes last quarter, official statistics show.
“Many of the [mainland Chinese] buyers who are active this year are already in their destination markets and are purchasing at a more rapid rate because they intend to stay there,” said Georg Chmiel, executive chairman of property portal Juwai IQI.