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Daniel Bian, a resident of Shanghai, enjoyed the magnificent views of the Thai capital from a comfortable chair next to a swimming pool on the 19th floor of an upscale condominium. He expressed his excitement, feeling rejuvenated and liberated in his stylish outfit comprising of tinted sunglasses, a navy blue hat, and a tunic fastened at the waist with his hair falling freely to his shoulders. He claimed that this was his ultimate dream. After enduring strict COVID-19 restrictions in China for three years, Bian is one of many Chinese citizens who are now flocking to purchase properties in Southeast Asia since the Beijing government lifted travel restrictions this year.
Numerous Chinese individuals are enthusiastic about buying a property abroad, not only as a precautionary measure against potential future disease outbreaks but also as a way to diversify their investments and minimize economic risks at home. According to data from Trip.com, Thailand was the top outbound destination for Chinese tourists during the May Labour Day holiday, followed by Japan and South Korea. Moreover, Thailand’s excellent international schools and top-notch medical facilities are attracting more and more people interested in owning a second home in the Southeast Asian country.
Thailand is anticipating the arrival of at least 5 million Chinese tourists this year, with some visitors expected to purchase real estate properties. However, this number still falls short of pre-COVID figures, when Chinese tourists comprised almost one-third of the 40 million annual visitors to Thailand. Mesak Chunharakchot, the president of the Thai Real Estate Association, stated that there is definitely a demand from Chinese buyers interested in investing in properties in Thailand. Major cities such as Bangkok, the mountainous Chiang Mai in the north, the beach resort of Pattaya on the east coast, and the North Eastern region of Isan are among the top locations on buyers’ lists.
Chinese nationals are investing in real estate properties, enrolling their children in international schools, and inviting their parents to live in Thailand to assist in taking care of their grandchildren. According to government statistics, approximately 270,000 Chinese tourists travelled to Thailand in March, marking a three-year high. However, this number is still significantly lower than the pre-pandemic figures of 985,227 visitors in March 2019.
The percentage of Chinese students enrolled in Singapore International School Bangkok (SISB.BK) has increased to 12-13% in early 2021, with 400 students out of a total student body of 3,100 across four campuses. This number exceeds the pre-pandemic figure of 6% in 2019. Despite the fact that Thai regulations restrict foreign ownership to only 49% of the units in any condominium development, there is an influx of potential buyers, providing a boost to real estate agents who are targeting Chinese buyers.
Chinese buyers can purchase a luxurious apartment in central Bangkok for the same amount of money that would only buy them a modest home in a top-tier Chinese city. As a result, some are choosing to sell one of their homes in China and purchase a property in Thailand for their retirement. Additionally, Bian, who coordinates cultural exchanges between China and other nations, sees fewer restrictions in Thailand, such as the freedom to enter and leave the country and the ability to travel back and forth. Moreover, he values the freedom of society and life in Thailand.
This story was first published in Reuters.
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