Why rich, young Chinese are less likely to spend abroad than older generations

Guangdong resident Stephen Yao used to take more than 20 overseas trips a year to buy properties for wealthy Chinese clients in popular tourist destinations like Kyoto, Bangkok, Pattaya and Kuala Lumpur.

But the coronavirus pandemic brought an abrupt halt to his business, with his last overseas trip in March 2020. Unable to travel abroad due to border closures, the 46 year old and his middle-aged clients left their overseas properties vacant or rented them at rock bottom prices.