2020 Volume 15 Pages 152-162
This research looked at the residential property investment for investment by non-resident Chinese, for example, the motives, type, and area of residence purchased. As a research method, we interviewed 21 Chinese investors who had purchased properties in Japan.
They may be categoraized as follows are: 1."Investment efficiency-oriented type" -in which the Japanese property was selected after comparative analysis with potential aquisitions in other countries / regions. 2."Japan-oriented type" -in which the people respondents had underlying attachment to, and therefore only considered investment in property there. In the former case, the economic factors behind the motives of purchasing real estate are emphasized. On the other hand, in the latter case, it can be said that the purchases were greatly influenced by some non-economic factors（e.g. psychologically）.
In addition, we concluded that there are many people whose purchases took on the asset value into consideration, such as yield of rental income and future stability. As for the type of residence purchase, many people chose second-hand apartments that were considered to have stable asset values. It can be deduced second-hand apartments were purchased on the premise of obtaining rental income.
Moreover, geographically, areas with convenient access to city centers and commercial facilities are preferred. In particular, there were many respondents who have purchased residence mainly in Osaka and Tokyo, where property value is high and the asset value is likely to be maintained in the future. Especially among the people surveyed, investment in residence in Osaka city appeared to be more popular than in other large Japanese cities.
As the specific reason for choosing Osaka City, “High recognition of Osaka City” and “Expectations for future development” were given by the people surveyed. Other than that, concerning the reason why respondents chose to purchase residence in Osaka City instead of Tokyo, it also can be pointed out that the cost of real estate in Osaka City is lower than in Tokyo, despite having the same level of recognition.
