Chinese portal company, Juwai has launched a new platform Juwai.asia to enable Asian buyers from outside China to buy global property. Since 2011 the company has operated Juwai.com for Chinese property hunters to find property around the world and become ‘Global Citizens’. The two sites will now work in tandem to bring real estate from across the globe to an increasingly wealthy market.
According to the Shanghai-based company, Asian buyers are now the most active cross-border group in the world and will continue to be for some time thanks to rapid growth of ultra-high net worth individuals.
The market for top-end London property is already dominated by Asian buyers with £8.2 billion being spent by Asian buyers in Greater London in the second half of 2019 alone. Other attractive markets which have seen heavy investment from Asia over the last ten years include New Zealand, Australia, Canada and Singapore.
There has been a lot of noise in the property market about how foreign capital, and specifically capital from Asia, may be key to reviving top-end property markets across mature markets. As such, it seems the perfect time for Juwai to provide greater access to those properties for overseas investors, with Juwai IQI Executive Chairman Georg Chmiel saying:
“The Coronavirus pandemic has dealt a painful blow to economies all over the world. One bright spot for real estate markets is that the pandemic has also given added motivation to cross-border buyers from Asia.”