November 6th, 2020
One thing is for sure, if we had to use only one word for the profile of 2019 Chinese Buyers, that word would be…
It’s simple really, the devaluation of the Chinese currency or rather the perceived future and further devaluation of Chinese currency is greater than the costs and risks involved in getting cash out of China.
The risks are profound, for example “A recent scandal was published in the media around a group of 300 Chinese citizens who wanted to buy a property in Australia via a company focusing on selling overseas real estate. That firm suddenly shut down and with its disappearance, it also disappeared with all the deposits that Chinese clients had paid for their overseas real estate purchases.”
Chinese buyers are worried about the Chinese economy continuing to slow and they are trying desperately to proect their wealth. What one commodity has withstood the test of time as a long term solid sanctuary for money?
REAL ESTATE, particularly the “safe haven” of Palos Verdes homes
And what is the primary goal with most Chinese buyers when considering which property and which locations to buy? Safety and peace of mind.
Other concerns expressed by Chinese Buyers:
- They are concerned about the lack of investment options at home
- They are worred about the anti-corruption campaign of President Xi Jinping
- There is severe air pollution and food safety issues in China
- There are many vaccine scandals in China causing concern with parents
- China’s education system is not well developed
Chinese citizens face the challenge of government restrictions on capital flows out of the country. What do we know as fact about the restrictions? Clever minds will find a way. Even now, some illegal companies have started soliciting Chinese clients with the promise og getting their money out. It is this desperation that is fueling the exodus of capital into the purchase of United States real estate.
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