ASEAN and China figured prominently during the recent International Realtors Conference and Regional Leadership Summit held in Manila, the Philippines. By 2020, ASEAN is predicted to be home to 660 million people, out of which half will be under 30. This creates a huge number of consumers and households which will require housing. Hence, the impact on the property market throughout the entire region is significant.
At the same time, improving connectivity allows more ASEAN residents to travel. Apart from the spectacular growth in air travel, railway lines are also being planned. In particular, all eyes are on the Singapore to Kunming rail link (Pan Asia Rail) which is expected to impact the countries where the line runs through tremendously.
Vast sums of money have been invested into the infrastructure in ASEAN, especially by China. In “Riding the Wave of Chinese Wealth” talk, staggering statistics were revealed showing the impact of China’s wealth that’s currently flooding the world’s property markets.
The impact of China on the international property market will be immense in the future and the recent rout in Chinese stock markets which only affected a small percentage of the Chinese market, will only encourage the Chinese to continue to choose property abroad as an investment.
Amazingly, only 4% of the Chinese population currently own a passport, even though there are over 110 million Chinese tourists travelling abroad every year while over 500,000 Chinese students are studying in other countries.
The event was jointly organised by the National Association of Realtors (NAR) and its exclusive partner in the Philippines, the Chamber of Real Estate & Builders Association Inc. – James Hartland