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Singapore luxury apartment sales hit 11-year high, driven by Chinese demand
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Singapore luxury apartment sales hit 11-year high, driven by Chinese demand
Sales of Singapore apartments worth at least S$10 million ($7.3 million) have hit an 11-year high, fuelled by increased demand from Chinese millionaires seeking safe-haven assets, say property consultants OrangeTee & Tie. Investors have long viewed Singapore as an island of stability that attracts the super-rich from its less developed Southeast Asian neighbours, as well as multimillionaires from mainland China. Some buyers may have sought an alternative to rival financial hub Hong Kong, hit by protests, while others may have shifted funds from China after its yuan currency was devalued in a trade war with the United States, an OrangeTee expert said.
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