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Wenzhou investors create Singapore property purchase boom http://www.wantchinatimes.com/news-print-c...mp;MainCatID=11 Staff Reporter 2011-11-02 11:36 (GMT+8) Attracted to Singapore's progressive investment environment which boasts high returns and low borrowing rates, Chinese citizens have quickly become the largest property investors in the Southeast Asian country, with several buyers from Wenzhou making quick buys. According to the Wenzhou Economic Daily, tourists from the city in the eastern Chinese province of Zhejiang have been purchasing property during their trips to Singapore this year. Amey, a Chinese immigrant from Wenzhou who helped broker several deals compared the manner of her compatriots to people buying cabbages at a market. Amey moved to Singapore nearly a decade ago where she now owns a trading company. The recent buying phenomenon has also turned her into a part-time real estate agent. In addition to buyers who initially came to Singapore on their holidays, people from Wenzhou have been calling Amey every few days enquiring about properties to purchase since last year. After helping sell 10 properties worth a total of 100 million yuan (US$15.7 million) this year, Amey can now negotiate a better price for her countrymen. Buyers from Wenzhou, according to Sandy, a sales manager for Chinese customers at the Far East Organization, Singapore's largest private property developer, are very straightforward and make decisions quickly, with some of them placing orders after just a few phone calls. Hu Jianke, who is from a Wenzhou-based property agency, said it is not surprising that Singapore has become a popular location for property investors because of its political stability, strong currency and reputation for being a garden city. Even though Singapore has seen the most active property investments among Southeast Asian countries, experts said it is actually a fairly stable market and investors should not expect massive profit growth from real estate there. Hu Jianke concurred that Singapore was more suitable for immigration investors than for speculators seeking a quick profit as the local market was not prone to fluctuations. With this in mind, Hu said Wenzhou investors should consider the purpose of their investments rather than merely jumping on the bandwagon by entering the market. Copyright

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