To buy a house in Philippines! 100 thousand Chinese into the Manila property market fire.

category:Global
 To buy a house in Philippines! 100 thousand Chinese into the Manila property market fire.


Since September 2016, about 100 thousand immigrants have flooded into the Financial District of Manila, most of them Chinese. The tide is spreading in the local real estate market. In recent years, Chinese mainland investors have been snapping up a large number of high-end properties in Hongkong, London and New York to transfer funds overseas. But this new investment boom in Philippines has another hand: the local booming gaming industry. The Philippine government started issuing gambling licences 19 months ago, and more than 50 overseas Gambling company licensed overseas Chinese gamblers to obtain licenses. Although the note is carried out remotely, the lottery operators need to speak Chinese in Manila to take care of various issues, such as marketing, customer consultation, and overseas customer payment procedures. The result is that such immigrants, which account for only a small proportion of Manilas 12 million 900 thousand population, make the housing prices favored by Chinese migrant workers hit a new high. Manilas property market is reviving as owners turn shops and office buildings into gambling centers with gaming tables and cameras. At present, although there are no public official figures to reveal the number of Chinese people arriving in Manila, people familiar with the situation say that the offshore casino operators in Philippines have hired about 200 thousand workers since the end of 2016, most of them Chinese, more than half of them in the capital area. These are expected to boost Philippiness economy and help strengthen relations between Philippines and China - President Duthel Tes priorities. However, if the Philippines suddenly change their online gambling or immigration policies, the Philippine property market is vulnerable to shocks. The risk of overrelying on Chinese gold owners was particularly evident in Malaysias new mountain last year: after Chinas control of overseas buying, demand was suddenly dried up and the mountain was trapped in a large number of housing vacancies. The risk of capital concentration will be a potential concern, says Neri, an economist at the Philippines islands bank in Manila. Others see only the opportunity. Huang Qiang, a real estate agent in Hefei, expects housing prices in Manila to be boosted by the influx of Chinese migrant workers. They serve not only offshore gamblers, but also Chinese gamblers who often visit private casinos. He also said that he had met with Chinese tourists coming to the Philippines. One of the biggest beneficiaries of this trend is the apartment in Manilas Ma Cardy District, a gambling center close to Chinese migrant workers. In the bay area near Makadi, housing prices recorded a 27% rise over the past 3 months. The Philippine housing industry collapsed last year if it were not for offshore gaming, the head of a local real estate consultancy said.