As Chinese Property Investment in the Philippines Booms, Local Buyers Are Being Squeezed Out
The Philippines is now one of the top choices for Chinese real estate investors. The country is the fourth favourite destination for Chinese real estate buyers in Southeast Asia following only Thailand, Malaysia, and Singapore.
“One thing is for sure, Chinese capital is driving real-estate growth and investment in the Philippines right now," said Lester Yupingkun, managing director of Strongbond Products Philippine. "There are condos populated entirely by mainland Chinese. The share of the Filipino middle class, on the other hand, has been shrinking."
“The Chinese want to buy here because the prices are cheaper,” said Jing Zhou, a senior area manager for China at Robinsons Land was quoted as saying.
Local real estate companies and businesses have hugely benefitted as the sale of top-end real estate has gone up. And the presence of Chinese investors in the real estate market is welcomed by local developers.
The food, goods and service sectors, which sell to many of these condominiums, also benefit from the uptick in demand.