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In recent times, we've been getting a growing number of inquiries from people with +852 numbers. If you check, +852 is the country code for Hong Kong. Interestingly, these people who inquire about our listings have the same predicament: they all mentioned the need to convert their RMB currency to purchase the property.
Background
RMB and Yuan are used interchangeably. Mainland (ML) China's currency is RMB (Renminbi). ML Chinese are prohibited from bringing RMB out of China. If they are able to smuggle RMB out, this currency will then be called Yuan.
In recent times, UNOFFICIAL reports show that China's economy is failing. Massive defaults are occurring in China's RE sector, and their government forced its banks to save these cash companies. Consequently, videos of Chinese citizens magically losing their savings are popping up. Thus, it seems there is a considerable impetus for the Chinese to leave their country. Countries like Australia and Canada have released reports confirming this.
Why the PH?
The PH is a top choice for immigrants for our strict bank secrecy laws. For as long as they can bring the money here, no one would know about it. Why else would the gaming (casino) industry grow this quickly in the past decade? These establishments have the power to launder the money first.
Personal experience
Yesterday, I randomly ended up in a (legit) Chinese Restaurant. This Chinese restaurant was on its "soft opening," suggesting they're new to the country. The Filipino staff spoke to the owner in English. The restaurant was probably 10% occupied, with all of the guests talking in Chinese. Interestingly, their Coca-Cola was also in Chinese.
How is this relevant to RE
Maybe I'm just being extra observant. But if my hunch is correct, this is a second wave of Chinese migration. If this were true, then this event would help absorb some of the glut we've been seeing in the RE sector.
Disclaimer: For as long as they do everything legally and abide by PH laws, I'm okay with them migrating here. I don't want to be like the person who discriminated against and yelled at Filipinos for being too noisy on a bus in SG.