Chinese are flocking to Thailand and other countries for immigration and foreign investment purposes.
It is an analysis that the Chinese economy is being hit hard by the corona 19 blockade, and as the Chinese authorities strengthen the crackdown on real estate and IT technology, they are trying to migrate to avoid this.
On the 27th (Korea time), Hong Kong’s South China Morning Post (SCMP) reported that Southeast Asia is on the rise among Chinese investors after the zero Covid relief at the end of last year.
Experts explained that Thailand’s real estate is attractive because it is relatively cheap and commercially linked to other Southeast Asian countries.
Thailand allows foreigners to buy houses, and an estimated 30,000 Chinese now own property in Thailand. Another advantage is that international schools in Thailand are cheaper than in other parts of Asia.
As soon as China’s quarantine is eased … Thailand is emerging as a hot spot for real estate investment
Global real estate company Zhuwai IQI said in December last year that Thailand rose to the third most popular real estate investment destination for Chinese people as soon as China eased quarantine measures.
Thailand is said to allow foreigners to buy a house legally. It is estimated that around 30,000 Chinese now own property in Thailand.
Seungwoon Song, an economist at CIMB Bank in Singapore, also analyzed that Chinese people are looking for ways to diversify risk and move their wealth to countries with opportunities. In particular, he saw that “Thailand is less likely to engage in conflict amid concerns about US-China relations.”
A house in Thailand is known to cost an average of 3 million to 4 million baht (110 to 150 million won) per house.
Blind spot for real estate speculation, growing number of ‘Chinese landlords’
Korea is no exception. According to the current status of buyers who apply for registration (sale) of transfer of ownership in the Plaza Information Registration Court on this day, the number of foreigners who buy joint buildings (apartments, offices, multi- residential, etc. It accounts for 1.1% of the total buyers of 968,569.
This is the highest proportion since related statistics were collected in 2010. It recorded 0.81% in 2020 and 0.86% in 2021, and recorded 1% for the first time last year.
By nationality, the number of transactions by Chinese was 7,434, accounting for 70% of all foreign purchases (9,121). There was also a case where an 8-year-old Chinese child bought an apartment in Gyeonggi-do.
Transactions by Chinese were mainly concentrated in Gyeonggi (3289 cases) and Incheon (1597 cases). By city / gun / gu, Bucheon-si, Gyeonggi-do (584 cases), Bupyeong-gu, Incheon (553 cases), and Danwon-gu, Ansan-si, Gyeonggi-do (426 cases) and had the largest number of transactions, while in Seoul, transactions were mainly made in the remote areas such as Guro-gu (146 cases) and Geumcheon-gu (107 cases).
Foreigners were not subject to Korean lending regulations, so they were able to withdraw money from their home country’s banks. Analysts say the won-dollar exchange rate last year rose 18.1 percent to 1,424.3 won in October, creating an environment that made it easier for foreigners with dollars to invest in Korean real estate.
Reporter Kim Chae-hyun
