Chinese seek new homes in Southeast Asia as govt ends zero-Covid curbs: Report

As China has dismantled most of its zero-Covid curbs allowing citizens to travel abroad for the Lunar New Year holiday, many Chinese nationals are seeking new homes in Southeast Asia. According to a report by the South China Morning Post (SCMP) on Saturday (January 14), property agents and immigration experts are witnessing a rise in inquiries from Chinese nationals regarding residency in Thailand, condos in Malaysia and offices in Singapore.

In Singapore, Sulochana Uthirapathi, the founder of Transform Borders- a firm that specialises in immigration matters related to the country, said that she had noticed an influx of inquiries from Chinese nationals who were planning to move to Singapore in the past month. Speaking to This week, Uthirapathi said most of these were high-net-worth individuals who wanted to move their families to Singapore.

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“To move their families here, one way is to set up family offices but they also have children coming here to study as well," she told This Week. The Transform Borders founder also pointed out that Singapore is a very safe place where there are not a lot of political changes or control.

In Malaysia, Fifi Syafiza a real estate negotiator with Keller Williams Malaysia, told This Week that the Chinese government's decision to lift the travel ban led to a ''flurry of transactions'' as Chinese nationals rushed to finalise the purchases of properties (in Malaysia) that they already set their sights on before the Covid pandemic began. Syafiza added

The SCMP report on Saturday said that the Malaysian government offers long-term visas for foreigners under its two programmes- Malaysia My Second Home and Silver Hair. These programmes allow foreigners to buy residential properties that are worth at least $228,700 (1 million ringgit).

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On the other hand, in Thailand, condo sales are predicted to rise as buyers return in person. Citing local media, the SCMP report said there has been a spike in inquiries regarding international schools and retirement homes in Thailand. However, the plans of Chinese nationals planning to settle in Thailand could impede after long-term visas for them were put on hold following a major scandal involving Chinese gangsters and Thai officials.

Meanwhile, as Chinese nationals have resumed travel for the Lunar New Year holiday, air passenger volumes are recovering to 63% of 2019 levels since the annual travel season started. Song Zhiyong, head of the Civil Aviation Administration of China, told the news agency Reuters on Saturday that the rapid recovery is challenging the ability of the airlines to ensure safety, adding great attention to pandemic-related risks is needed.

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