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 housing downturn as wealthy mainland Chinese investors lead a charge of overseas buyers snapping up private luxury homes. Property prices have soared to record highs despite soaring mortgage rates and government restrictions 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 are looking to move elsewhere, and Singapore is among their top destinations, says Dominic Volek, head of private clients at London-based investment migration consultancy Henley & Partners.

Mainland Chinese buyers purchased 42% of private condos sold to overseas buyers in Singapore in the first eight months of 2022, according to an October report by property consultancy OrangeTee & Tie. They are also the largest group of investors buying luxury properties in prime neighborhoods this year, snapping up nearly 20% of apartments priced above 5 million Singapore dollars ($3.5 million) each, a he added. Singapore’s new tax laws for property purchases and reduced lending limits on mortgages are unlikely to dampen demand. “With the Singapore dollar strengthening amid growing economic uncertainty, properties here will continue to be viewed as safe havens,” OrangeTee & Tie said in the report.

Meanwhile, more wealthy individuals have set up single family offices in the city-state with assets under management of at least S$10 million to gain tax benefits. The number of family offices nearly doubled to 700 in 2021 from around 400 in 2020, according to the Monetary Authority of Singapore. As more global investors move into the city-state, net capital inflows jumped 16% to a record S$448 billion last year, he added.