A February study by HSBC reported that 70% of Chinese millennials are home owners, and 91% of them intend to purchase a home in the next five years.
Beijing-based Uoolu is an app that connects Chinese users to property listings abroad, and 80% of its monthly users are aged 20 to 39 years old. The app also enables buyers to open bank accounts and apply for mortgages overseas.
“Chinese parents often register home purchases under their child’s name to prepare the child for marriage and raising a family, which likely boosts the percentage,” the Wall Street Journal reported.
Late last year, the Chinese government enforced stricter regulations in overseas investment – the Chinese are prohibited from transferring abroad more than $50,000 a year or using the money in buying property outside of the country.
Nonetheless, the rules can be skirted. Chinese millennials who have been studying or working abroad prior to the rule can use their bank accounts to pool money from family members – a move that is beyond the Chinese government’s control, the Journal reported.
“The more the government limits people, the more they want to invest overseas,” said Wang Hao, Uoolu’s COO.
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The Chinese are escalating as one of the country’s main real estate buyers, and tech-savvy Chinese millennials are combining home purchases with the power of the smart phone.