Malaysian residential properties are attracting the attention of Chinese nationals due to their lower price tag compared to those in China and other major offshore real estate markets, reported the South China Morning Post.
“Most middle-class Chinese can’t afford to buy a five million yuan (approx. RM3.07 million) home in Australia or the United States,” said Yao Weiliang, co-founder of BestHomeRE, a firm that helps people from China’s Pearl River Delta look for Southeast Asian properties.
“But we found the booming Southern Asian countries with the cities’ high property returns are more profitable and practical to purchase for middle-class mainlanders, who are actually eager to follow in the footsteps of the tycoons and celebrities, and own property overseas in emerging markets.”
He explained that many people have sought his company’s assistance in purchasing a property in Thailand or Malaysia, especially those priced out of China’s residential market.
For instance, Yao noted that a family from Shenzhen or Guangzhou can fork out 500,000 yuan (RM307,114) to 800,000 yuan (RM491,382) to acquire a 30 sq m condo in Pattaya, which is among the top tourist destinations for Chinese nationals.
Even flats measuring 30 to 50 sq m in Bangkok and Kuala Lumpur can be purchased for one million (RM614,227) to two million yuan (RM1.23 million). In comparison, they need to spend at least two million yuan for a 30 sq m flat in Shenzhen.
“The rents in these cities are much better than any of China’s cities, at least triple or more. Malaysia and Thailand are also among those with the fastest economic growth in Southeast Asia and are loved by the Chinese,” he said.
Image sourced from Malay Mail
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