Singapore

FOREIGNERS including the Chinese have cut their purchases of Singapore private homes to the lowest since the global financial crisis, leaving the market to depend on local buyers at a time when domestic interest rates are on the rise.

Foreigners, including permanent residents, bought 499 homes in the fourth quarter of 2015, according to data compiled by consultancy DTZ. That accounted for about 16 per cent of total transactions versus more than 30 per cent in the third quarter of 2011 just before an additional stamp duty was imposed to cool the market.