SINGAPORE: In a Feb 12 (Sunday) article, the national British daily broadsheet newspaper The Telegraph said Singapore has become a “playground for Chinese ultra-rich” who are avoiding a crackdown on the well-heeled.
However, their lavish spending habits are wreaking havoc on Singapore’s real estate market, sending prices soaring, The Telegraph added.
The piece quoted Mr Pearce Cheng, chief executive of relocation services company AIMS, as saying, “You cannot imagine the way they spend money. It’s crazy.”
In another anecdote, a family moved out of a house that they had been renting for £10,000 monthly (SGD16,000) because the rental rate was increased to £26,000 (SGD41,700).
But in a week the house was snapped up by a wealthy Chinese family.
A move to Singapore is not a new phenomenon for China’s richest, due to the country’s reputation as a tax haven, but a fresh wave began to be observed toward the end of last year, due to President Xi Jinping‘s crackdowns as well as Covid-19 shutdowns.
In 2022, an estimated 10,000 high-net-worth individuals looked to pull US$48 billion (S$66 billion out of China), industry experts told Bloomberg.
“Significant money is flowing into Singapore” from China, Bloomberg also quoted Cheah Cheng Hye, co-founder of Value Partners Group, as saying, with many looking into establishing family offices.
When the article was posted on Reddit on Sunday (Feb 12), some netizens said this is indeed happening.
“Can confirm. My CEO is a rich a** Chinese who setup our overseas branch just to bring his money here,” wrote one Reddit user.
Others expressed complaints that “the local people continue to suffer.”
However, some Reddit users said this is not a new phenomenon but has been happening for a long time. 
/TISG
China to see ‘exodus of wealth’ to Singapore after Xi Jinping’s crackdowns, Covid shutdowns