From Singapore to Sydney, rich Chinese buy luxury homes to escape virus

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Properties are being purchased in Asian hotspots as opposed to London and NY, where market remains sluggish. (File pic)SHANGHAI: Rich Chinese investors are finding luxury real estate is a good hiding place from the economic fallout of the coronavirus. Across China and in some of their familiar hunting grounds in Asia, wealthy buyers are snapping up top-end housing, in many cases to guard their wealth against anticipated inflation and a weakening yuan. The rush to add real estate has led to a jump in upmarket housing prices in China, while offering some support for Asian property markets hit hard by the pandemic. “It’s been flat-out,” said Monika Tu, founder of Black Diamondz, an Australian company that caters to Chinese buyers of luxury real estate. Since March, Tu has sold A$85 million of prime property, with about half the sales to Chinese clients who were in Australia when the …