{"id":1675165,"date":"2022-10-06T03:50:12","date_gmt":"2022-10-06T07:50:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1675165"},"modified":"2022-10-06T03:50:59","modified_gmt":"2022-10-06T07:50:59","slug":"rich-mainland-chinese-snap-up-luxury-homes-in-singapore-despite-tax-hikes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rich-mainland-chinese-snap-up-luxury-homes-in-singapore-despite-tax-hikes\/","title":{"rendered":"Rich mainland Chinese snap up luxury homes in Singapore despite tax hikes"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frich-mainland-chinese-snap-up-luxury-homes-in-singapore-despite-tax-hikes%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1675165&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Isabel Kua<\/p>\n<p>SINGAPORE (Reuters) \u2013     Wealthy mainland Chinese have been the top foreign buyers of expensive private properties in Singapore this year as the city-state reaps the benefits of post-pandemic reopening and a relatively strong currency, despite tax increases.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>Mainland Chinese buyers accounted for about one-fifth of the 425 luxury units \u2013 defined as costing more than S$5 million ($3.52 million)- sold from January to August this year. This was followed by 34 units bought by Americans and 28 units by Indonesians.<\/p>\n<p>Singapore has long been a magnet for the mega-rich, wooed by the Southeast-Asian city-state\u2019s stable politics, strong currency, and reputation as a safe haven to park assets, analysts said. Singapore\u2019s property prices have also tended to accelerate gradually, with few booms and wild busts seen in other popular markets.<\/p>\n<p>Meanwhile, China is facing a property crisis, with slumping sales and developers defaulting on debts, and consumer confidence has been soured by repeated COVID-19 lockdowns. <\/p>\n<p>All in, the number of luxury units sold to foreigners in Singapore in the first eight months of this year \u2013 including those with permanent residency \u2013 has outpaced the 282 in the same period in pre-pandemic 2019 and the 322 in 2018.<\/p>\n<p>The data, from the Urban Redevelopment Authority and property consultancy OrangeTee &#038; Tie, show that Singapore property remains popular among foreigners despite the government raising taxes for purchases last December.<\/p>\n<p>In a bid to cool the private property market, stamp duties for foreigners without permanent residency were raised from 20% to 30%. <\/p>\n<p>Still, 143 luxury apartments were sold to these foreigners from January to August this year \u2013 higher than the 136 during the same period in pre-pandemic 2019.<\/p>\n<p>In a bulk purchase in June, one Chinese tycoon splurged over S$85 million on 20 new units in central Singapore, while another Chinese buyer snapped up four units for around S$60 million. <\/p>\n<p>Singapore has also been actively wooing the ultra rich, giving tax incentives to family offices \u2014 entities created by wealthy families to manage their money \u2014 and issuing visas to those earning more than S$30,000 a month.<\/p>\n<p>The number of family offices increased from 400 at the end of 2020 to 700 last year. High profile ones include billionaire Liang Xinjun, formerly the co-founder of China investment firm Fosun International.<\/p>\n<p>Nicholas Mak, head of research and consultancy at ERA Realty Network, said mainland Chinese and Malaysians were the two biggest buyers of Singapore property before the pandemic.<\/p>\n<p>Professor Sing Tien Foo, who analyses real estate at the National University of Singapore, said the 30% tax was \u201ca lot of money\u201d to the average buyer but merely \u201cpart of the transaction costs\u201d for the ultra rich.<\/p>\n<p>The Singapore dollar with its history of being a stable currency also encourages foreigners to park assets in Singapore, said Mak. <\/p>\n<p>\u201cWhen you invest in foreign assets, you want to make sure that the currency doesn\u2019t depreciate 30% when you want to exit,\u201d he said.<\/p>\n<p>Since Singapore progressively opened its borders from last year, there has been a flood of\u00a0relocations to the country\u00a0including from Hong Kong, where COVID restrictions were still tight. This has driven up home rental and purchase prices.\u00a0Even\u00a0government subsidised flats on the resale market are passing the million dollar mark.<\/p>\n<p>Just last week, the government\u00a0tightened loan limits for public flats\u00a0in an attempt to dampen demand.<\/p>\n<p>Home rents have risen to a seven-year high in Singapore, already one of the world\u2019s most expensive cities, even though its population has dipped in the past two years.<\/p>\n<p>($1 = 1.4216 Singapore dollars)<\/p>\n<p> (Reporting by Isabel Kua; Editing by Xinghui Kok and Kim Coghill)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/rich-mainland-chinese-snap\/attachment\/view-of-private-residential-properties-in-singapore\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI950AC-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI950AC-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Isabel Kua SINGAPORE (Reuters) \u2013 Wealthy mainland Chinese have been the top foreign buyers of expensive private properties in Singapore this year as the city-state reaps the benefits of<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1675165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1675165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1675165"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1675165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1675165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1675165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1675165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}