Chinese millennials increasingly use apps to buy homes abroad

Miami /
May.May 09, 2017 09:45 AM

From TRD New York: While millennials in the U.S. are often known as perennial renters, their counterparts in China are snapping up overseas homes on their smartphones.

Apps like Uoolu, which helps buyers open bank accounts and apply for mortgages in other countries, enable Chinese millennials to easily purchase foreign properties, the Wall Street Journal reported. These young buyers are driven by a weakening yuan and increasingly strict controls on the amount of capital permitted to leave the country. Families can sometimes get around these rules by pooling money and sending it separately into overseas bank accounts. “The more the government limits people, the more they want to invest overseas,” Wang Hao, Uoolu’s chief operating officer, told the Journal.

One New York City broker told the Journal that his client, an accountant in her 20s who works in New York, pooled together more than $100,000 from relatives in China to buy a condo in Manhattan.

Buyers also are often looking to purchase homes for their children to use when they study abroad. According to a recent survey by HSBC, 70 percent of Chinese millennials — those born between 1981 and 1998 — own their own home. In the U.S., that number drops to 31 percent. [WSJ] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
From left: 1840 South Ocean Boulevard, 1341 South Ocean Boulevard and 2000 South Ocean Boulevard
These were South Florida’s largest resi sales of 2021
These were South Florida’s largest resi sales of 2021
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Michael Stern accused of “duping investors” in Monad Terrace project
Michael Stern accused of “duping investors” in Monad Terrace project
Michael Stern accused of “duping investors” in Monad Terrace project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...