Rich Chinese Exodus to Japan? Yes! #news #exodus #china #shorts
The Wall Street Journal (WSJ) reported on the 2nd that China’s rich are exodus from its political dictatorship and economic slowdown, which is helping Japan’s luxury real estate market.
Real estate prices in Japan are cheap for foreigners due to the weak yen, and it is quite easy for them to purchase real estate. Experts say that Japanese is relatively easier to adapt to because it partially uses Chinese characters.
The number of Chinese residents in Japan was about 822,000 at the end of last year, an increase of 60,000 from the previous year. This is the largest increase in recent years.
According to a report released by Henry & Partners, an investment immigration consulting firm, in June last year, it was estimated that 13,500 high-net-worth Chinese people will move abroad this year.
According to this classification, there are the most by country.
Frustration with the political dictatorship heightened during the COVID-19 pandemic lockdown and then rapidly worsened, leading to a wave of migration.
The economic downturn and sluggish stock market are also factors causing wealthy people to leave China.
Osamu Orihara, a real estate agent in Tokyo who was born in China and became a naturalized citizen, told the WSJ that his profits had increased three to four times compared to 2019 before the pandemic due to Chinese buyers.
He added, “What’s different from the past is that more people want long-term visas.”
Residents near Tokyo Bay, where high-rise buildings are lined up, said that more than a quarter of Chinese people usually live in these buildings.
According to the real estate industry, the average price of a new apartment in central Tokyo rose about 40% last year, reaching about $740,000.
Real estate experts said this was influenced by a surge of new properties attracting the attention of wealthy Chinese buyers.
Due to their buying enthusiasm, real estate in resort areas such as those around Hokkaido ski resorts are also booming.
A real estate agent in Hokkaido said that in some areas, housing land prices rose 28% last year and that “a red tsunami accompanied by the Chinese flag is coming.”
Once Chinese immigrants who obtain long-term visas settle down, they choose to use Japanese names, including Japanese legal records, for reasons such as convenience in living.
@YesKnowledge247