Millennials in China own houses at the highest rate of those in nine countries surveyed by HSBC. And while that number is pushed up by the practice of parents buying houses in their children’s name, it is still telling.
The Wall Street Journal reports that a small but growing number of this demographic are also looking for properties to own abroad, and there’s an app for that.
Beijing-based startup Uoolu allows users to purchase overseas property without so much as a visit, and 80% of their users are between the ages of 20 and 39. The app helps buyers open bank accounts overseas and apply for mortgages.
But the small number of people who manage to successfully purchase overseas properties despite capital controls will likely remain small under the current climate. As Chris Daish, a real-estate agent at Triplemint in New York notes, “it’s a really arduous task even to get a couple hundred grand out.”