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Chinese Elite Flock to High-End Apartments in Japan Amidst Wealth Exodus
Affluent Chinese individuals are reportedly moving their wealth out of the country by investing in overseas real estate, specifically apartments in Japan, following the lifting of COVID-19 border restrictions. (Photo: tokyoportfolio)
Chinese Elite Flock to Luxury Apartments in Japan Amid Wealth Exodus
According to source, the wealthiest individuals in Chinese society are reportedly transferring their wealth out of the country, primarily by investing in overseas real estate, particularly apartments in Japan or depositing their funds in foreign banks, according to The New York Times. The shift in financial strategies comes after China lifted the COVID-19 pandemic-related border restrictions that had been in place for nearly three years. With the freedom to move capital abroad, affluent Chinese citizens are capitalizing on opportunities in Japan and seeking higher interest rates offered by American and European banks compared to those in China.
As part of this trend, Chinese investors, now the leading buyers of high-end apartments in Japan are making substantial purchases, with many properties exceeding $3 million. Zhao Jie, the head of Shenjumiaosuan, an online real estate listing service in Tokyo highlights the significant involvement of suitcases filled with cash in these transactions.
This marks a departure from the pre-pandemic pattern where Chinese buyers predominantly acquired smaller, studio apartments in Japan priced at around $330,000, primarily for rental purposes. The current wave of investment is characterized by a preference for larger units and a growing interest in obtaining investment visas to relocate their families from China.
Chinese Investors Flock to High-End Apartments in Japan Amidst $50 Billion Financial Exodus
The financial exodus from China is substantial, with an estimated loss of $50 billion over the past year attributed to families and companies channeling their money out of the country through various investment avenues and foreign banks. This significant outflow underscores the impact of changing economic conditions, border policies, and investment preferences on China’s financial landscape, with implications for both domestic and international apartments in Japan.
During this financial shift, apartments in Japan have become a focal point for Chinese investors, reflecting a notable trend in high-end property acquisitions in Tokyo. Zhao Jie, the head of Shenjumiaosuan, an online real estate listing service in Tokyo underscores the significance of suitcases filled with cash in these transactions. This marks a shift from the pre-pandemic pattern where Chinese buyers predominantly acquired smaller, studio apartments in Japan for around $330,000, primarily for rental purposes.
The financial exodus from China is substantial, with an estimated loss of $50 billion over the past year attributed to families and companies channeling their money out of the country through various investment avenues and foreign banks, as reported by The New York Times. This significant outflow underscores the impact of changing economic conditions, border policies, and investment preferences on China’s financial landscape, with implications for both domestic and international apartments in Japan.
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