Faced with growing scrutiny by authorities at home and in Singapore, mainland Chinese living in the city state are being more discreet about their wealth, in a shift that is hitting sales of luxury goods from Bentleys to private jets. Singapore, where some 75 per cent of the resident population is ethnically Chinese, has seen massive inflows of mainland Chinese wealth over the last few years due to the island’s political stability, tax-friendly environment and cultural affinity. The Covid-19 pandemic and the subsequent economic and market turmoil in China brought even more wealth into the city, boosting demand for high-end property, luxury cars and designer fashion. But a S$3 billion money laundering scandal in 2023 and heightened scrutiny of their assets by authorities in Singapore and in China have prompted the super-rich to be more discreet about their spending. Singapore, for example, has imposed strict know-your-customer requirements on industries from banks to property and golf clubs, while Beijing, according to media reports, has started to crack down on citizens’ overseas income.   The move underlines how regulatory pressure is reshaping Singapore’s luxury economy amid concerns about growing income inequality even as overall wealth inflows into the city state remain robust. Lee Lee Langdale, founder of Singapore golf membership brokerage Singolf, said her firm had seen a sharp drop in inquiries from Chinese clients since the 2023 money laundering scandal.   “Clubs investigate sources of funding for Chinese buyers much more extensively than they did before, and I saw transactions that failed to complete because the clubs were not satisfied regarding the funding [source],” she said. Data tracked by Singolf shows membership fees for foreigners at Sentosa Golf Club peaking at S$950,000 in 2023 and falling to S$660,000 this year, while at the Singapore Island Country Club it is down from S$800,000 in 2023 to S$470,000 this year. Ian Roberts, general manager at the Singapore Island Country Club, the island’s most exclusive club, said it had seen a decline in foreign membership transactions since 2023, but was unable to comment on pricing as it did not sell foreign memberships directly to individuals. The memberships are sold through brokerages. Sentosa Golf Club declined to comment. Membership fees for foreigners at Singapore’s Sentosa Golf Club have fallen to S$660,000 this year. Photo: Reuters   Similarly, Bentley sold 19 cars in the first ten months of this year, compared with a peak of 103 in 2021, according to government data. Rolls-Royce sold a dismal 13 cars in the first ten months of 2025, compared with 95 in 2023 and 23 in 2024. Sim Bock Eng, a partner in the private wealth practice at law firm WongPartnership, said she sees fewer Chinese clients wanting a private jet these days, compared with a few years ago.   “In 2021, almost every family wanted to buy their own family jets. Recently, [I] haven’t heard of that much.” Instead, wealthy Chinese are channelling their money into art, wine and private clubs like the Auspicious Club, where, according to the club, membership costs upwards of $138,000, ensuring exclusivity and shelter from prying eyes. “What we are seeing now is a more discerning wave of Chinese wealth,” said Kevin Teng, CEO of wealth management firm WRISE Group. Certainly, the super-rich are still finding a home for their wealth in Singapore. The number of family offices, which handle financial matters such as investments and taxation for high-net-worth individuals, almost tripled to more than 2,000 in Singapore at the end of 2024 from 700 in 2021, government data showed. Singapore’s assets under management hit an all-time high of more than S$6 trillion last year, according to the central bank data, up from S$4.7 trillion in 2020. While the central bank does not break down assets based on inflows by country, local and foreign wealth managers in the city state have been bolstering their headcount to cater to the growing demand from mainland Chinese. Bentley sales have slumped in Singapore as mainland Chinese residents go low-key after a money laundering scandal. Photo: Shutterstock   Acker Wines, which auctions expensive vintages including Bordeaux and Chambertin, found Chinese collectors were “very consistent in their pursuit of fine and rare wine – both in quality and quantity,” said its chairman John Kapon. “With every sale, we see continued growth in engagement from Chinese collectors,” Kapon said, after hosting an auction in October that had a line-up worth an estimated S$5 million. On a Tuesday night in September, Zeng Guo He, a Singaporean collector and dealer specialising in Chinese art, had dinner with eight Chinese businessmen. Some of his guests were local while others had come from China to see his latest exhibition. In a private room covering at least 1,000 sq ft (92 square metres), the men enjoyed decades-old pu’er tea, played cards and had waiting staff plate their dinner and serve vintage French wine. Zeng, who offers consultancy services to wealthy Chinese looking to buy art, said he noticed more rich Chinese relocating to Singapore in the last three years, but their behaviour was different from earlier arrivals. “They might have been more flamboyant with their wealth in the past, but they tend to be more low-key now.” The new discretion is welcome for Singapore’s political leaders who have long grappled with issues of immigration, especially when the cost of living is high and the local population worries about job security. Only 60 per cent of Singapore’s record 6.11 million residents are citizens, with 1.9 million foreigners on work permits and visas and a further 540,000 with permanent residency, leaving room for friction over income inequality. Tan Ern Ser, a sociology professor at the National University of Singapore, said when showing off wealth was associated with migrants it could reinforce prejudices about those coming from certain countries.   In a Chatham House Dialogue in October, Senior Minister and former prime minister Lee Hsien Loong said while wealthy foreigners were welcome in Singapore they had “to keep the bling down”. “Do not go around popping champagne which is $20,000 a bottle with sparklers, and do not zoom your Ferrari or Lotus or whatever down the middle of the road in the middle of the night just to let everybody know that you have arrived.”

china buy and buy   Singapore: Grantral @Clementi, Grantral @MacPherson, Changi City Point, Kinex, Tanjong Katong Redev Site, Clementi Mall Australia: George St malls , Dixon House, 84 Crown St, 90 Crown St, St Leonards 

An entity tied to mysterious mainland Chinese investors has emerged as the front-runner to acquire The Clementi Mall in western Singapore, market sources confirmed Thursday. The suburban mall was put on the market at a guide price of S$750 million ($577 million) two months ago by Temasek-owned Cuscaden Peak, in a sales exercise that saw 12 bids whittled down to a shortlist of eight potential buyers. Sources told Mingtiandi that Cuscaden granted exclusive due diligence to a shortlisted party connected to Elegant Group, a property firm controlled by a family surnamed Zhao from China’s Guangdong province.   The Zhao clan’s source of wealth has never been publicly reported, but Elegant has built up a portfolio of three Singapore malls and six commercial properties in Australia since the group’s founding in 2015. A fourth Singapore investment, the S$375 million purchase of UOL Group’s Kinex mall in the Geylang area, is scheduled to close on Friday of this week. Should the Zhao family and Elegant close on Kinex and acquire The Clementi Mall at or above the tender guide price, it would bring the group’s Singapore acquisitions to five properties at more than $1.5 billion. The deals would put the group’s purchases across Australia and Singapore at over $1.8 billion, according to Mingtiandi research. The Zhao-linked entity’s shortlisting and due diligence for The Clementi Mall were first reported Wednesday by the Business Times. Elegant Group is expected to close on its purchase of the 195,772 square foot (18,188 square metre) mall within the next three weeks, market sources indicated to Mingtiandi. The tender for the sale of The Clementi Mall was kicked off in early August with Savills and Cushman & Wakefield jointly managing the process on behalf of Cuscaden Peak. Shopping Spree The Zhao family made a splash in Singapore’s retail market two years ago with the acquisition of Changi City Point mall from Frasers Centrepoint Trust for S$338 million (then $250 million). Cuscaden Peak CEO Gerald Yong In 2017, a buyer linked to the family completed the en bloc purchase of the Citimac industrial complex in District 13 for S$430 million, based on local media reports, with Elegant later converting the property to a business park named Grantral Mall at MacPherson. Elegant also owns Grantral Mall at Clementi, acquired in 2016 for $55 million. In July of this year, an Elegant subsidiary won a government tender for the redevelopment of a former shopping centre in Tanjong Katong with a bid of just over S$90 million. The group is set to transform the 30-year leasehold site into a new community and cultural hub serving the area near Paya Lebar MRT station.     Elegant entered Australia in 2017 with the purchase of two commercial properties in Sydney’s central business district for a total of A$94 million (now $62 million), with the assets now operating as a mall called 630-638 George Street. The following year saw the group buy the Dixon House commercial block in Sydney’s Chinatown for A$61 million. Elegant Group/Zhao Family Known Deals In 2019, Elegant picked up office buildings at 84 Crown Street and 90 Crown Street in the New South Wales city of Wollongong in two separate deals totalling A$118 million. Later that year it acquired a commercial building in Sydney’s St Leonards for around A$35 million, as well as a A$123 million mixed-use development project in the same North Shore suburb. Elegant had not responded to Mingtiandi’s request for comment at the time of publication. Portfolio Selldown The Clementi Mall had been part of the portfolio of Paragon REIT, the SGX-listed trust taken private earlier this year by Cuscaden Peak, a 50:50 holding company of Temasek units Mapletree and CapitaLand. The trust’s other remaining assets absorbed by Cuscaden are the flagship Paragon mall on Orchard Road and a 50 percent stake in Westfield Marion Shopping Centre in Australia. The 2011-built mall with a direct connection to Clementi MRT station and bus interchange is valued at S$3,831 ($2,946) per square foot of lettable area at the S$750 million guide price.   In addition to the Paragon REIT assets, Cuscaden continues to hold the Woodleigh Mall in north-central Singapore and the mall’s adjoining residential complex in a 50:50 joint venture with Japan’s Kajima Corp. Cuscaden put Woodleigh Mall up for sale in July of last year for S$800 million. Sources told Mingtiandi at the time that parties showing buying interest included local heavyweights UOL and Frasers Property, Robert Kuok’s Allgreen Properties and Hong Kong-listed Link REIT.   https://www.mingtiandi.com/real-estate/finance/low-profile-mainland-investor-nears-577m-deal-to-buy-singapore-mall-from-cuscaden-peak/

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