New money inflows to Singapore jump 59% to a record S$448b in 2021

[ER-3682]

5 hours ago, Jamesc said:

I have great confidence in JB economy also.

See all that hot money coming in?

I wonder how much New Money Inflow to Malaysia.?

[Wt_know]

simi recession ... simi inflation .... 

we will see more B and RR on spore roads .... huat ah!

Edited November 3, 2022 by Wt_know

[inlinesix]

6 minutes ago, Wt_know said:

simi recession ... simi inflation .... 

we will see more B and RR on spore roads .... huat ah!

Lambo order book filled till 2024.  

[Blueray]

13 minutes ago, Wt_know said:

simi recession ... simi inflation .... 

we will see more B and RR on spore roads .... huat ah!

my friend say he see a lot of bendley around mountbatten / meyer road ... 

[Soya]

On 11/2/2022 at 10:45 AM, Blueray said:

New money inflows to Singapore jump 59% to a record S$448b in 2021

SINGAPORE can absorb record inflows of new money, the central bank chief said, allaying concerns of a real estate bubble even as rents and prices surge to unprecedented highs.

The Asian financial hub attracted S$448 billion last year, 59 per cent higher than the previous year, the latest data from the Monetary Authority of Singapore (MAS) show.

“When a large sum of money comes into any country, you should be worried about it,” MAS managing director Ravi Menon said in an interview with Bloomberg Television’s Haslinda Amin. One such concern is flowing into the property market driving up prices. Rather than blocking money coming in, the regulator has imposed measures on the real estate sector to prevent overheating. “We’ve got that under control,” he said.

Singapore’s efforts to build an international wealth hub are paying off as the city enjoys a post-Covid resurgence, attracting investors drawn to its stability. Assets managed by local firms soared 16 per cent in 2021 to US$4 trillion, mostly from overseas, exceeding the global growth rate. Investors from US hedge-fund titan Ray Dalio to Indian billionaire Mukesh Ambani are setting up offices to manage their personal wealth.

The housing market has defied a slump reported in other major markets including Australia, Hong Kong and Canada. As prices jumped 7 per cent in the first nine months - including a sizzling 13 per cent in the third quarter alone - the government took steps to cool the market. Landlords meanwhile are asking tenants for big rent increases, sometimes as much as double, when they extend leases.

The inflows, which are roughly three quarters of Singapore’s nominal gross domestic product, come on top of gains from higher asset prices last year, according to the central bank. The assets are helping to boost the financial hub as it seeks to add as many as 20,000 finance jobs over five years, in areas including wealth management and sustainable financing.

Asia flows

Menon said money is coming from growing wealth across Asia, where the rich are seeking a place to invest. He acknowledged that North Asia’s affluent contribute a large portion of asset flows into Singapore.

“They are richer, they have more investible assets,” he said, speaking ahead of Singapore’s FinTech Festival that starts on Wednesday (Nov 2).

In China, Asia’s largest wealth market, assets plummeted following the Communist Party congress, where President Xi Jinping solidified his grip on power.

Asked whether China may see accelerated capital outflows, Menon said it’s too early to tell.

“There’s already some happening,” he said. “Some of it have come to Singapore, you would have seen in the last few years. I am not sure we are looking at any marked pickup.”

In the meantime, Singapore’s capital and financial markets, as well as its banking system, are deep and liquid enough to handle large fund flows, he said. MAS, which also serves as a financial regulator, is strict when it comes to illicit fund flows, repeatedly reminding financial institutions to be on guard, Menon said.

“There’s so much money coming in, you can choose,” he said.

Other interview highlights:

MAS has been focusing on strengthening disclosure rules by listed companies to deter firms from misconduct

Singapore is not aiming to become a cashless society even though digital payments are becoming common 

https://www.businesstimes.com.sg/government-economy/new-money-inflows-to-singapore-jump-59-to-a-record-s448b-in-2021

 

curious to see what the inflow amount is for 2022 ...

Chey...the report anyhow blame foreigner

The extra money appeared after sifu sneezed too hard la

It's his loose change that drop out from his pocket....

 

[Actan72]

YES, MORE MONEY PLEASE..... THE MORE THE MERRIER.....

 

[mersaylee]

Many buy to reduce the taxable...kena tax might as well spend on luxury items...how I wish I have such headache...nowadays buy cai png also macam kena gst pinch liddat...😁

[inlinesix]

2 minutes ago, mersaylee said:

Many buy to reduce the taxable...kena tax might as well spend on luxury items...how I wish I have such headache...nowadays buy cai png also macam kena gst pinch liddat...😁

Wait long long if tax liabilities can be reduced in that manner

😂

[mersaylee]

7 minutes ago, inlinesix said:

Wait long long if tax liabilities can be reduced in that manner

😂

Register under company or aunty's aunty's neighbour's phantom domestic helper also cannot meh? Liddat DT must be doing it brilliantly liao...😁

[inlinesix]

2 minutes ago, mersaylee said:

Register under company or aunty's aunty's neighbour's phantom domestic helper also cannot meh? Liddat DT must be doing it brilliantly liao...😁

Unless you don't mind being tax as an American.

[Atonchia]

On 11/2/2022 at 2:36 PM, Jamesc said:

I have great confidence in JB economy also.

See all that hot money coming in?

I only see hot temper here.

[Atonchia]

23 hours ago, Wt_know said:

simi recession ... simi inflation .... 

we will see more B and RR on spore roads .... huat ah!

Have seen more Bentayga and Cullinan on the road too.

[Blueray]

Up to 3,500 high-net-worth individuals to become Singapore citizens in 2023, most from China: report

https://www.businesstimes.com.sg/wealth/3500-high-net-worth-individuals-become-singapore-citizens-2023-most-china-report

each one buy 2 cars, COE huat already.

[RadX]

On 4/22/2023 at 7:10 AM, Blueray said:

Up to 3,500 high-net-worth individuals to become Singapore citizens in 2023, most from China: report

https://www.businesstimes.com.sg/wealth/3500-high-net-worth-individuals-become-singapore-citizens-2023-most-china-report

each one buy 2 cars, COE huat already.

Swee ah… I sell car for profit again 😂😂

[Throttle2]

On 4/22/2023 at 7:10 AM, Blueray said:

Up to 3,500 high-net-worth individuals to become Singapore citizens in 2023, most from China: report

https://www.businesstimes.com.sg/wealth/3500-high-net-worth-individuals-become-singapore-citizens-2023-most-china-report

each one buy 2 cars, COE huat already.

Yeah, sure, they got it under control….

by the way Ravi also no more liao

singaporeans will be a minority in the future, mark my words

GLSGL

[Blueray]

 

[Blueray]

Buyers from China are snapping up luxury Singapore property at a record rate

Quote

Foreigners bought 159 non-landed, luxury homes in Singapore’s core central region in the first quarter, according to a report by OrangeTee & Tie Pte. That’s up from 71 units a year earlier.

The number of luxury condominium units bought by Chinese buyers increased to 111 units, up 158 per cent year on year, the property agency said.

https://www.scmp.com/news/asia/southeast-asia/article/3220593/mainland-chinese-buyers-are-snapping-luxury-singapore-property-record-rate

 

simi ABSD ... 

[Karoon]

Maybe LW will get a message in Beijing to return some of these money, and its owners.