Source: The Real Deal
While millennials in the U.S. are often known as perennial renters, their counterparts in China are snapping up overseas homes on their smartphones.
Apps like Uoolu, which helps buyers open bank accounts and apply for mortgages in other countries, enable Chinese millennials to easily purchase foreign properties, the Wall Street Journal reported. These young buyers are driven by a weakening yuan and increasingly strict controls on the amount of capital permitted to leave the country. Families can sometimes get around these rules by pooling money and sending it separately into overseas bank accounts. “The more the government limits people, the more they want to invest overseas,” Wang Hao, Uoolu’s chief operating officer, told the Journal.