Affluent millennials in China are increasingly interested in investing in the overseas housing market. According to a story in the Wall Street Journal (WSJ), many of them, concerned with currency depreciation and desirous of cleaner air for their families, have turned to mobile apps to find good deals and buy property.
The Beijing-based app Uoolu, which lets clients open bank accounts overseas and apply for mortgages, has already served around 20,000 customers who either have purchased overseas property or are in the process of doing so. And perhaps unsurprisingly, millennials make up around 80 percent of their monthly active users.
A significant number of customers on Juwai.com, another domestic online property site, are also millennials.
The app users can browse through a list of property listings that include photos, video, and detailed information of the property such as price, down payment rate, and local services. If viewers are interested in knowing more, they can speak directly to a sales representative either on the app or by dialing the free phone number as shown on the page.
With a weakening currency and a falling foreign exchange rate, the Chinese government has put a $50,000 cap on overseas money transfers making large cross-border investments, of the kind supported by Uoolu, difficult.
While Uoolu does not support cross-border transactions, its website offers tips on how to move money out of China in a safe and legal way.