I was interviewed by CBC News, Canadian Broadcasting Corporation, on how Chinese millennials are using social media such as WeChat to buy real estates overseas. See the interview below.
Believe it or not, Chinese millennials have more cash to burn. As I wrote here and here, they do not have student loan debt. And most of them don’t have housing expenses. Most importantly, they are the “One-Child” generation. They grew up privileged, entitled, and wanting to enjoy life.
The Chinese social media sites such as WeChat has integrated payment system. Millennials are very savvy in using social media for all sorts of purchasing, from beauty products to real estate properties.
Apparently, they are also pooling money from family members to buy properties overseas. One reason is that they are hedging against Yuan depreciation. Another reason could be that they feel lack of security under currently system. They want to move money out of the country, and this is another way to do it.
See the original interview on CBC site here.