“The Chinese buyers are here to stay,” said Salas. “We know there has been a lull in the market, but as soon as they can travel, they will continue to buy.”
While the Philippines limits to 40% the number of units foreigners can buy, local laws can be circumvented by having a local company acting as a front and buying on behalf of foreigners.
Chinese eye bigger slice of Manila as real estate prices tank
Still, Chinese investors currently account for 41% of all international sales in Manila compared to 30% from the U.S. and 5% from Japan.
Locals fear being left out as market correction risks forcing quick sales
“Is there tension? Some say there is,” said Salas. “I won’t subscribe to that, we are a welcoming country.”
Ye, the Chengdu-based entrepreneur, said that he sees his investments in the Manila property market as a long-term proposition.
“I will purchase again,” Chinese entrepreneur Hedin Ye, who already owns nearly 100 apartments in Manila, told the Nikkei Asian Review.
“Chinese buyers are optimistic about the Philippine economy,” he said. “I also follow this rule: You don’t wait to buy real estate, you buy real estate and wait.”
Besides, Ye added, “I love it here.”