In search of real estate they couldn’t buy in China’s top cities, mainland Chinese have flocked to Thailand in droves this year.
Some people are contemplating retirement. For others, it’s the access to top-notch medical care, foreign schools, and ‘freedom of society, and life’
Daniel Bian, a citizen of Shanghai, sat by the poolside of a luxurious condominium on the 19th floor and took in the expansive views of the Thai capital.
“I sense life. I feel liberated,” a delighted Bian looked suave with his hair casually falling over his shoulders, flat-topped navy blue hat, wraparound tunic, and sunglasses. “I dream about this,”
Bian, who was imprisoned in China for three years under some of the strictest controls in the world on Covid-19, is one of many mainland Chinese looking to purchase real estate in the country of Southeast Asia since Beijing reopened the borders earlier this year.
Many Chinese are willing to invest in a home abroad as insurance against domestic economic dangers and as a safety net in the event of a similar disease epidemic.According to data from the website Trip.com, during the May labor day holiday, Chinese tourists preferred Thailand above Japan and South Korea as their top international destinations.Additionally, the country of Southeast Asia is attracting more and more people looking to buy a second home due to its excellent international schools and high-quality healthcare services.
Although the number is still a far cry from the years prior to Covid, when they made up about one-third of the 40 million tourists, Thailand anticipates at least 5 million Chinese visitors this year, some of whom are planning to purchase real estate.
Thailand’s real estate is unquestionably in demand from China, according to Mesak Chunharakchot, head of the Thai Real Estate Association.
Locations in important cities including the nation’s capital, Bangkok, along with Chiang Mai in the mountainous north, the seaside resort of Pattaya on the east coast, and the northeastern province of Isan are at the top of purchasers’ lists, he continued.
Chinese people are purchasing homes, enrolling their kids in international schools, and inviting their parents to visit Thailand to help with the grandkids’ care.According to government statistics, there were about 270,000 Chinese visitors to Thailand in March, a three-year high but still far less than the 985,227 visitors in March 2019 before the epidemic took hold. At Singapore International School Bangkok, the proportion of Chinese students increased to about 13% early this year, or 400 out of 3,100 students on four campuses, exceeding the number of 6% during pre-pandemic 2019.
Kelvin Koh, the school’s chief executive, explained that nobody is allowed to leave China when businesses are closed during the night. Chinese families’ behavior was impacted by this.
Prospective purchasers are flooding in, providing business to real estate agents who target Chinese buyers, despite Thai laws that limit foreign ownership to just 49% of the units in any condominium complex.One such agent is Owen Zhu, who accompanied Bian, 50, and his mother, 70, on a day-long property tour of Bangkok, where they viewed three upscale flats. His mother was dressed chicly in a close-fitting white dress with a matching hat and veil.
“Since the pandemic, a lot has changed. The majority of Chinese people [now] opt to buy expensive apartments, according to Zhu.
Many customers who had previously purchased properties as investments have now set their sights on homes that normally cost more than 2 million yuan ($290,000), he continued.In China’s first-tier cities, “the budget can only buy a simple home, and its location might not be good,” Zhu added.
However, they could purchase a magnificent flat in the center of Bangkok with that sum of money. As a result, some people would sell one of their homes in China and purchase a home here for their retirement.
Thailand seems to have less restrictions, according to Bian, who coordinates cultural exchanges between China and other nations.
“The freedom to go back and forth, enter the country, etc. Along with social freedom and life freedom. Freedom is crucial, according to Bian.
