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Singapore has emerged as the top destination of choice for Chinese companies looking to expand overseas, revealed a JLL report.
Tokyo came in second, while Seoul, Jakarta and Bangkok took the fifth, sixth and 10th spots respectively.
“Entry into these growth markets allows Chinese companies to tap into Asia’s large, young and rapidly growing consumer populations,” said JLL global research director Jeremy Kelly.
“We’re already seeing a higher number of domestic brands, both established firms and new startups, enter the international market, with key targets in South and Southeast Asia.”
In fact, some of China’s most prominent firms have shown major interest in start-ups in India, Indonesia and Singapore, which along with Silicon Valley, is ranked as the top destination for Chinese technology firms.
JLL attributed the Chinese companies’ preference for Singapore to its status as Asia’s most stable and transparent market.
A global financial services hub, Singapore also enjoys strong links to China and is geographically well-placed to serve as a gateway into Southeast Asia.
Singapore is also ranked third on the list of top 20 cities for land purchases by mainland Chinese buyers. It also came in third on the list of places with the highest number of Chinese financial firms.
In addition, the report analysed 12 mainland cities as well as their transformation into major hubs of innovation and global interaction.
“The China12 are home to a growing group of highly dynamic and ambitious new generation firms that will drive the next wave of globalisation,” said Kelly.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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