Wealthy Chinese Sell Luxury Homes, Buy Dollars

Home prices may start coming down later this year if this trend heats up. Also outflows. Lots of outflows.

The Standard: Chinese bet against yuan
Mainlanders with at least eight million yuan (HK$9.55 million) in investable assets are betting against the yuan rebounding by selling luxury homes to invest in US dollar-denominated assets abroad, Bloomberg reported.

"The impact of a weaker yuan on high-end properties will emerge by year- end," Credit Suisse head of property research Du Jinsong said.

Realtors and industry analysts said China's rich people to accelerate the transfer of assets abroad, the devaluation will mainly affect cities in buying high-end real estate. Chinese stock market since last June high of 45% has evaporated, shrinking personal wealth also indicates that the property market in 2015 hit a brilliant unsustainable.

..."The more big city, rich people more savvy. They have the ability to have a way to configure the dollar assets," Credit Suisse analyst Du Jinsong said in a telephone interview. "Effect of high-end real estate devaluation will be a slow process. Its impact on high-end real estate by the end of 2016 might appear."
中国富人开始卖房 增加美元资产

No comments:

Post a Comment