TOKYO - The purpose behind Chinese purchases of Japanese real estate is evolving. We delved into the phenomenon of Chinese wealthy individuals buying up condominiums for residential purposes.
From "Pilgrimage" Crowds to Proposals at Mount Fuji
During the Chinese New Year, many Chinese tourists visit Japan, including Kamakura's crossing, made famous by the anime "Slam Dunk." The site has become a "pilgrimage" spot for Chinese tourists.
One couple, traveling in Japan for the Chinese New Year, got engaged at the foot of Mount Fuji, inspired by a famous Chinese song about the iconic mountain.
Purchasing a ¥160 Million Condo for Residence, Not Investment
In this era of unique personal travel, we encountered Mr. Li, a Shanghai-based e-commerce entrepreneur, who came to Tokyo with his family to look for a luxury condo. They quickly decided on a 2LDK, 72 square meter condo priced at ¥160 million, finding it reasonably priced and conveniently located near JR Suidobashi Station.
Contrary to expectations of investment-driven purchases, Mr. Li bought the condo for residential purposes, planning to split his time between Shanghai and Tokyo. He is also considering obtaining permanent residency in Japan and potentially relocating his business to the country.
"I Want to Live in Japan" - Attracted by Stability
Similarly, Ms. Shi, a Hong Kong-based investment consultant originally from Shanghai, purchased a 3LDK, 92 square meter condo in Nishi-Shinjuku for ¥180 million. Fluent in Japanese from her student days in Japan, she plans to eventually return and live in Japan, attracted by the country's economic and social stability.
The Trend of Buying for Residency Accelerates in Recent Years
The real estate company YAK in Ueno, Tokyo, which facilitated these transactions, reports that 80% of its clients are foreigners, predominantly Chinese. The trend of Chinese individuals buying condos in Japan for residency purposes has accelerated in recent years.
Professor Tomoko Ako from the University of Tokyo explains that the uncertain economic situation in China and concerns about the future of national governance are driving wealthy Chinese to establish bases outside China, not just for investment but for personal use in case of emergencies.
Source: ANN
