In 2005, the People’s Bank of China unpegged the RMB from the US dollar, transiting it to a floating exchange rate regime based on market supply and demand with reference to a basket of currencies. The policy shift resulted in an appreciation of the RMB relative to the US dollar and Singapore dollar. With stronger purchasing power, how did Chinese foreign buyers' housing consumption patterns in Singapore change? How has that affected Singapore's property market? Academics Fan Ying and Sing Tien Foo analyse data over the last two decades for the answer.