Singaporeans Buy Up Foreclosed Chinese Properties

Singaporean and other foreign investors are stepping up purchases of foreclosed properties in China, as Beijing's crackdown on speculation and a slowing economy led to a wave of defaults by developers, Echo Wong reported for Nikkei Asia.

Photo Insert: Singaporeans are buying up foreclosed properties in China as its own property market heats up and the government imposed higher taxes on foreign-owned houses and condominiums.

Sales of Chinese distressed properties, including office buildings and factories, hit a quarterly record of $1.93 billion in the last three months of 2022, according to MSCI, up 14% from the same period a year earlier and 73% higher than in 2019, the first year it tracked such data.

Singaporeans are buying up foreclosed properties in China as its own property market heats up and the government imposed higher taxes on foreign-owned houses and condominiums.

As Singapore has very few areas open for housing projects, the government has opted to close down a race track and convert it into a residential project.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic