CHINA TOPIX

05/17/2024 12:43:17 am

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Real Property Finder App Shows More Chinese are Looking for Homes Abroad

A two-year old mobile application has proven what analysts have been saying: that more and more Chinese nationals are looking to migrate abroad.

Juwai.com, a pioneering Chinese-language real estate property finder, has grown its membership base to 1.5 million users. These users browse through international property listings in 53 different countries.

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China has 540 million online citizens, with over 90 million searching for properties online each month.

"Chinese consumers are increasingly affluent, motivated and mobile. Since our research shows that 92 percent of Chinese buyers visit a property before purchase, it makes sense to put the information they need, right in their hands, on their iPhone," said Juwai.com co-CEO Andrew Taylor.

Data shows that Chinese buyers spent approximately US$28.7 billion on property purchases around the world in 2011.

PhoenixNet reported in February that the Canadian Consulate General in Hong Kong was flooded with investment-immigration applications of wealthy Chinese, mostly from the mainland.

By the end of 2012, there were 53,580 investment-immigration applications that had not been handled, prompting the Canadian government to freeze its investment-immigration project after approving 3,643 applications.

In a November report, Jone Land Lasalle real estate agency said China's overseas property sales reached US$5 billion in the first three quarters of 2013.

However, the Center for China & Globalization reported that Chinese property purchases in the United States alone reached more than US$10 billion in 2013.

Other favorite destinations of Chinese property buyers were the United Kingdom, Australia, Canada and Germany, the center said.

The center's director, Wang Yaohui, said that most Chinese overseas property buyers do not really intend to migrate nor do business in their target countries but just to own homes where their children can stay when they study abroad.

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