Mainland Chinese investors topped the list of foreign buyers of private property in Singapore from January to October.
They view Singapore as a favourable property investment destination despite the latest rounds of property cooling measures like the raising of the Additional Buyers' Stamp Duty (ABSD).
According to numbers compiled by OrangeTee Research, 34% of foreign property-buyers (excluding permanent residents) in Singapore this year were from China.
Indonesians formed the second largest group of foreign condo-buyers with 32% while Malaysians took the third place with 13%.
The US came in fourth with seven per cent and India ranked fifth with two per cent.
US buyers do not have to pay the 15% ABSD imposed on foreigners buying private property. This is because of clauses in the free trade deal that the country has with Singapore.
In December 2011, foreign buyers (excluding PRs) must pay 10% ABSD. In January 2013, this was raised to 15%.
While cooling measures have slowed transaction activity, the proportion of foreign property buyers has crept up.
In the first nine months of this year, foreigners (excluding PRs) make up nine per cent of all condo buyers, compared to about eight per cent in 2012.
But some foreign buyers, including those from China, have turned their attention to other property segments.
OrangeTee’s research head, Christine Li, said: “Over the last one year or so, I think because of the high ABSD levied on the residential property market, we did see some China buyers shifting their attention to industrial as well as commercial properties in Singapore.
“Going forward we expect this trend to continue because 15% ABSD is quite hefty on high-end homes.”
Analysts say the strength of the Chinese yuan relative to regional currencies could mean mainland Chinese investors will continue to make up the bulk of foreign property buyers in Singapore.