This story is part of Forbes’ coverage of China’s Richest 2022. See the full list here.

Singapore’s housing market is defying a global property downturn as wealthy mainland Chinese investors lead a charge of overseas buyers snapping up private luxury homes. Property prices have climbed to record levels despite soaring mortgage rates and government curbs on purchases as the ultra-rich move their families and assets to the city-state seen as a haven with a stable currency and political stability.

China’s economic and political uncertainties, along with strict Covid-19 policies, have dampened growth in the world’s second largest economy. Many wealthy families there are seeking residency elsewhere, and Singapore is among their top destinations, says Dominic Volek, head of private clients at London-based investment migration consultancy Henley & Partners.

Buyers from mainland China purchased 42% of private condos sold to overseas buyers in Singapore in the first eight months of 2022, according to a report published in October by property consultant OrangeTee & Tie. They also constitute the biggest group of investors buying luxury properties in prime districts this year, scooping up almost 20% of apartments with price tags exceeding S$5 million ($3.5 million) each, it added. Singapore’s new tax laws for property purchases and lower loan limits on mortgages are unlikely to dampen demand. “With a strengthening Singapore dollar amid growing economic uncertainties, properties here will continue to be regarded as safe-haven assets,” OrangeTee & Tie said in the report.

Meanwhile, more high net-worth individuals have set up single family offices in the city-state with assets under management of at least S$10 million to qualify for tax perks. The number of family offices nearly doubled to 700 in 2021 from about 400 in 2020, according to the Monetary Authority of Singapore. With more global investors setting up shop in the city-state, net capital inflows jumped 16% to a record S$448 billion last year, it added.