Why do Foreigner buy Singapore Properties despite paying a higher Additional Buyer Stamp Duty(ABSD)?

𝑾𝒉𝒂𝒕 𝒂𝒓𝒆 𝒔𝒐𝒎𝒆 𝒇𝒂𝒄𝒕𝒐𝒓𝒔 𝒇𝒐𝒓𝒆𝒊𝒈𝒏 𝒊𝒏𝒗𝒆𝒔𝒕𝒐𝒓 𝒄𝒐𝒏𝒔𝒊𝒅𝒆𝒓 𝒃𝒆𝒇𝒐𝒓𝒆 𝒊𝒏𝒗𝒆𝒔𝒕𝒊𝒏𝒈 𝒊𝒏 𝒂 𝒇𝒐𝒓𝒆𝒊𝒈𝒏 𝒄𝒐𝒖𝒏𝒕𝒓𝒚?

𝑫𝒐𝒆𝒔 𝑺𝒊𝒏𝒈𝒂𝒑𝒐𝒓𝒆 𝒉𝒂𝒗𝒆 𝒕𝒉𝒊𝒔 𝒔𝒆𝒕 𝒐𝒇 𝒄𝒓𝒊𝒕𝒆𝒓𝒊𝒂 𝒘𝒉𝒊𝒄𝒉 𝒇𝒐𝒓𝒆𝒊𝒈𝒏 𝒊𝒏𝒗𝒆𝒔𝒕𝒐𝒓 𝒂𝒓𝒆 𝒍𝒐𝒐𝒌𝒊𝒏𝒈 𝒇𝒐𝒓?

Let's take a look...

𝟏) 𝐏𝐨𝐥𝐢𝐭𝐢𝐜𝐚𝐥 𝐒𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝑃𝑜𝑙𝑖𝑡𝑖𝑐𝑎𝑙 𝑠𝑡𝑎𝑏𝑖𝑙𝑖𝑡𝑦 𝑖𝑛𝑑𝑒𝑥 (-2.5 𝑤𝑒𝑎𝑘; 2.5 𝑠𝑡𝑟𝑜𝑛𝑔): 𝐹𝑜𝑟 𝑡ℎ𝑎𝑡 𝑖𝑛𝑑𝑖𝑐𝑎𝑡𝑜𝑟, 𝑇ℎ𝑒𝐺𝑙𝑜𝑏𝑎𝑙𝐸𝑐𝑜𝑛𝑜𝑚𝑦.𝑐𝑜𝑚 𝑝𝑟𝑜𝑣𝑖𝑑𝑒 𝑑𝑎𝑡𝑎 𝑓𝑜𝑟 𝑆𝑖𝑛𝑔𝑎𝑝𝑜𝑟𝑒 𝑓𝑟𝑜𝑚 1996 𝑡𝑜 2018. 𝑇ℎ𝑒 𝑎𝑣𝑒𝑟𝑎𝑔𝑒 𝑣𝑎𝑙𝑢𝑒 𝑓𝑜𝑟 𝑆𝑖𝑛𝑔𝑎𝑝𝑜𝑟𝑒 𝑑𝑢𝑟𝑖𝑛𝑔 𝑡ℎ𝑎𝑡 𝑝𝑒𝑟𝑖𝑜𝑑 𝑤𝑎𝑠 1.24 𝑝𝑜𝑖𝑛𝑡𝑠 𝑤𝑖𝑡ℎ 𝑎 𝑚𝑖𝑛𝑖𝑚𝑢𝑚 𝑜𝑓 0.88 𝑝𝑜𝑖𝑛𝑡𝑠 𝑖𝑛 2003 𝑎𝑛𝑑 𝑎 𝑚𝑎𝑥𝑖𝑚𝑢𝑚 𝑜𝑓 1.62 𝑝𝑜𝑖𝑛𝑡𝑠 𝑖𝑛 2017. 𝑇ℎ𝑒 𝑙𝑎𝑡𝑒𝑠𝑡 𝑣𝑎𝑙𝑢𝑒 𝑓𝑟𝑜𝑚 2018 𝑖𝑠 1.51 𝑝𝑜𝑖𝑛𝑡𝑠. 𝐹𝑜𝑟 𝑐𝑜𝑚𝑝𝑎𝑟𝑖𝑠𝑜𝑛, 𝑡ℎ𝑒 𝑤𝑜𝑟𝑙𝑑 𝑎𝑣𝑒𝑟𝑎𝑔𝑒 𝑖𝑛 2018 𝑏𝑎𝑠𝑒𝑑 𝑜𝑛 195 𝑐𝑜𝑢𝑛𝑡𝑟𝑖𝑒𝑠 𝑖𝑠 -0.05 𝑝𝑜𝑖𝑛𝑡𝑠. (𝑆𝑜𝑢𝑟𝑐𝑒: 𝑇ℎ𝑒𝐺𝑙𝑜𝑏𝑎𝑙𝐸𝑐𝑜𝑛𝑜𝑚𝑦.𝑐𝑜𝑚 )

** 𝑇ℎ𝑒 𝑖𝑛𝑑𝑒𝑥 𝑜𝑓 𝑃𝑜𝑙𝑖𝑡𝑖𝑐𝑎𝑙 𝑆𝑡𝑎𝑏𝑖𝑙𝑖𝑡𝑦 𝑎𝑛𝑑 𝐴𝑏𝑠𝑒𝑛𝑐𝑒 𝑜𝑓 𝑉𝑖𝑜𝑙𝑒𝑛𝑐𝑒/𝑇𝑒𝑟𝑟𝑜𝑟𝑖𝑠𝑚 𝑚𝑒𝑎𝑠𝑢𝑟𝑒𝑠 𝑝𝑒𝑟𝑐𝑒𝑝𝑡𝑖𝑜𝑛𝑠 𝑜𝑓 𝑡ℎ𝑒 𝑙𝑖𝑘𝑒𝑙𝑖ℎ𝑜𝑜𝑑 𝑡ℎ𝑎𝑡 𝑡ℎ𝑒 𝑔𝑜𝑣𝑒𝑟𝑛𝑚𝑒𝑛𝑡 𝑤𝑖𝑙𝑙 𝑏𝑒 𝑑𝑒𝑠𝑡𝑎𝑏𝑖𝑙𝑖𝑧𝑒𝑑 𝑜𝑟 𝑜𝑣𝑒𝑟𝑡ℎ𝑟𝑜𝑤𝑛 𝑏𝑦 𝑢𝑛𝑐𝑜𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑖𝑜𝑛𝑎𝑙 𝑜𝑟 𝑣𝑖𝑜𝑙𝑒𝑛𝑡 𝑚𝑒𝑎𝑛𝑠, 𝑖𝑛𝑐𝑙𝑢𝑑𝑖𝑛𝑔 𝑝𝑜𝑙𝑖𝑡𝑖𝑐𝑎𝑙𝑙𝑦-𝑚𝑜𝑡𝑖𝑣𝑎𝑡𝑒𝑑 𝑣𝑖𝑜𝑙𝑒𝑛𝑐𝑒 𝑎𝑛𝑑 𝑡𝑒𝑟𝑟𝑜𝑟𝑖𝑠𝑚. 𝑇ℎ𝑒 𝑖𝑛𝑑𝑒𝑥 𝑖𝑠 𝑎𝑛 𝑎𝑣𝑒𝑟𝑎𝑔𝑒 𝑜𝑓 𝑠𝑒𝑣𝑒𝑟𝑎𝑙 𝑜𝑡ℎ𝑒𝑟 𝑖𝑛𝑑𝑒𝑥𝑒𝑠 𝑓𝑟𝑜𝑚 𝑡ℎ𝑒 𝐸𝑐𝑜𝑛𝑜𝑚𝑖𝑠𝑡 𝐼𝑛𝑡𝑒𝑙𝑙𝑖𝑔𝑒𝑛𝑐𝑒 𝑈𝑛𝑖𝑡, 𝑡ℎ𝑒 𝑊𝑜𝑟𝑙𝑑 𝐸𝑐𝑜𝑛𝑜𝑚𝑖𝑐 𝐹𝑜𝑟𝑢𝑚, 𝑎𝑛𝑑 𝑡ℎ𝑒 𝑃𝑜𝑙𝑖𝑡𝑖𝑐𝑎𝑙 𝑅𝑖𝑠𝑘 𝑆𝑒𝑟𝑣𝑖𝑐𝑒𝑠, 𝑎𝑚𝑜𝑛𝑔 𝑜𝑡ℎ𝑒𝑟𝑠.

𝟐) 𝐆𝐨𝐨𝐝 𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐒𝐲𝐬𝐭𝐞𝐦 𝑆𝐺𝐻 𝑤𝑎𝑠 𝑟𝑎𝑛𝑘𝑒𝑑 8𝑡ℎ 𝑖𝑛 𝑡ℎ𝑒 𝑠𝑢𝑟𝑣𝑒𝑦 𝑜𝑓 1,600 ℎ𝑜𝑠𝑝𝑖𝑡𝑎𝑙𝑠 𝑖𝑛 21 𝑐𝑜𝑢𝑛𝑡𝑟𝑖𝑒𝑠, 𝑤𝑖𝑡ℎ 𝑡ℎ𝑒 𝑁𝑎𝑡𝑖𝑜𝑛𝑎𝑙 𝑈𝑛𝑖𝑣𝑒𝑟𝑠𝑖𝑡𝑦 𝐻𝑜𝑠𝑝𝑖𝑡𝑎𝑙 (𝑁𝑈𝐻) 𝑖𝑛 31𝑠𝑡 𝑝𝑙𝑎𝑐𝑒.

𝐽𝑎𝑝𝑎𝑛'𝑠 𝑈𝑛𝑖𝑣𝑒𝑟𝑠𝑖𝑡𝑦 𝑜𝑓 𝑇𝑜𝑘𝑦𝑜 ℎ𝑜𝑠𝑝𝑖𝑡𝑎𝑙, 𝑡ℎ𝑒 𝑜𝑛𝑙𝑦 𝑜𝑡ℎ𝑒𝑟 𝐴𝑠𝑖𝑎𝑛 ℎ𝑜𝑠𝑝𝑖𝑡𝑎𝑙 𝑡𝑜 𝑚𝑎𝑘𝑒 𝑡ℎ𝑒 𝑡𝑜𝑝 10 𝑙𝑎𝑠𝑡 𝑦𝑒𝑎𝑟, 𝑓𝑒𝑙𝑙 𝑡𝑜 18𝑡ℎ, 𝑙𝑒𝑎𝑣𝑖𝑛𝑔 𝑆𝐺 𝑎𝑠 𝑡ℎ𝑒 𝑜𝑛𝑙𝑦 𝐴𝑠𝑖𝑎𝑛 ℎ𝑜𝑠𝑝𝑖𝑡𝑎𝑙 𝑎𝑚𝑜𝑛𝑔 𝑡ℎ𝑒 𝑡𝑜𝑝 10.

𝑇ℎ𝑒 𝑟𝑎𝑛𝑘𝑖𝑛𝑔 𝑤𝑎𝑠 𝑏𝑎𝑠𝑒𝑑 𝑜𝑛 𝑟𝑒𝑐𝑜𝑚𝑚𝑒𝑛𝑑𝑎𝑡𝑖𝑜𝑛𝑠 𝑏𝑦 𝑚𝑒𝑑𝑖𝑐𝑎𝑙 𝑒𝑥𝑝𝑒𝑟𝑡𝑠, 𝑝𝑎𝑡𝑖𝑒𝑛𝑡 𝑝𝑜𝑙𝑙𝑠 𝑎𝑛𝑑 𝑡ℎ𝑒 ℎ𝑜𝑠𝑝𝑖𝑡𝑎𝑙𝑠' 𝑚𝑒𝑑𝑖𝑐𝑎𝑙 𝑘𝑒𝑦 𝑝𝑒𝑟𝑓𝑜𝑟𝑚𝑎𝑛𝑐𝑒 𝑖𝑛𝑑𝑖𝑐𝑎𝑡𝑜𝑟𝑠 (𝑆𝑜𝑢𝑟𝑐𝑒: 𝑆𝑡𝑟𝑎𝑖𝑡𝑠 𝑇𝑖𝑚𝑒𝑠, 𝑁𝑒𝑤𝑠𝑤𝑒𝑒𝑘 𝑀𝑎𝑔𝑎𝑧𝑖𝑛𝑒)

𝟑) 𝐒𝐚𝐟𝐞 𝐩𝐥𝐚𝐜𝐞 𝐭𝐨 𝐥𝐢𝐯𝐞 𝐢𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐩𝐚𝐧𝐝𝐞𝐦𝐢𝐜 𝑆𝑖𝑛𝑔𝑎𝑝𝑜𝑟𝑒 𝑖𝑠 𝑎𝑚𝑜𝑛𝑔 𝑡ℎ𝑒 𝑠𝑎𝑓𝑒𝑠𝑡 𝑝𝑙𝑎𝑐𝑒𝑠 𝑡𝑜 𝑙𝑖𝑣𝑒 𝑖𝑛 𝑑𝑢𝑟𝑖𝑛𝑔 𝑡ℎ𝑒 𝐶𝑜𝑣𝑖𝑑-19 𝑝𝑎𝑛𝑑𝑒𝑚𝑖𝑐. 𝑇ℎ𝑒 𝑐𝑜𝑢𝑛𝑡𝑟𝑦 𝑖𝑠 𝑟𝑎𝑛𝑘𝑒𝑑 𝑓𝑜𝑟𝑡ℎ, 𝑗𝑢𝑠𝑡 𝑎ℎ𝑒𝑎𝑑 𝑜𝑓 𝐽𝑎𝑝𝑎𝑛, 𝑜𝑢𝑡 𝑜𝑓 200 𝑛𝑎𝑡𝑖𝑜𝑛𝑠 𝑎𝑛𝑑 𝑡𝑒𝑟𝑟𝑖𝑡𝑜𝑟𝑖𝑒𝑠 𝑖𝑛 𝑎 𝑠𝑢𝑟𝑣𝑒𝑦 𝑡ℎ𝑎𝑡 𝑡𝑜𝑜𝑘 𝑜𝑛 11,400 𝑑𝑎𝑡𝑎 𝑝𝑜𝑖𝑛𝑡𝑠 𝑖𝑛 𝑐𝑎𝑡𝑒𝑔𝑜𝑟𝑖𝑒𝑠 𝑡ℎ𝑎𝑡 𝑖𝑛𝑐𝑙𝑢𝑑𝑒 𝑞𝑢𝑎𝑟𝑎𝑛𝑡𝑖𝑛𝑒 𝑒𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦, 𝑚𝑜𝑛𝑖𝑡𝑜𝑟𝑖𝑛𝑔 𝑎𝑛𝑑 𝑑𝑒𝑡𝑒𝑐𝑡𝑖𝑜𝑛, 𝑎𝑠 𝑤𝑒𝑙𝑙 𝑎𝑠 𝑒𝑚𝑒𝑟𝑔𝑒𝑛𝑐𝑦 𝑝𝑟𝑒𝑝𝑎𝑟𝑒𝑑𝑛𝑒𝑠𝑠. (𝑆𝑜𝑢𝑟𝑐𝑒: 𝑆𝑡𝑟𝑎𝑖𝑡𝑠 𝑇𝑖𝑚𝑒𝑠)

𝟒) 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐠𝐫𝐨𝐰𝐭𝐡 𝑆𝑖𝑛𝑔𝑎𝑝𝑜𝑟𝑒 𝑖𝑠 𝑤𝑒𝑙𝑙 𝑝𝑙𝑎𝑐𝑒𝑑 𝑡𝑜 𝑠𝑒𝑟𝑣𝑒 𝑡ℎ𝑒 𝑓𝑎𝑠𝑡-𝑔𝑟𝑜𝑤𝑖𝑛𝑔 𝑚𝑎𝑟𝑘𝑒𝑡𝑠 𝑜𝑓 𝑡ℎ𝑒 𝐴𝑠𝑖𝑎-𝑃𝑎𝑐𝑖𝑓𝑖𝑐 𝑟𝑒𝑔𝑖𝑜𝑛. 𝑆𝑖𝑛𝑔𝑎𝑝𝑜𝑟𝑒 𝑟𝑒𝑚𝑎𝑖𝑛𝑠 𝑐𝑜𝑛𝑛𝑒𝑐𝑡𝑒𝑑 𝑡𝑜 𝑔𝑟𝑜𝑤𝑡ℎ 𝑚𝑎𝑟𝑘𝑒𝑡𝑠, 𝑛𝑜𝑡 𝑗𝑢𝑠𝑡 𝑖𝑛 𝐴𝑠𝑖𝑎 𝑏𝑢𝑡 𝑎𝑙𝑠𝑜 𝑏𝑒𝑦𝑜𝑛𝑑.

𝟓) 𝐓𝐨𝐩 𝐍𝐨𝐭𝐜𝐡 𝐄𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝑆𝑖𝑛𝑔𝑎𝑝𝑜𝑟𝑒 𝑝𝑟𝑜𝑣𝑖𝑑𝑒𝑠 𝑜𝑛𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑏𝑒𝑠𝑡 𝑒𝑑𝑢𝑐𝑎𝑡𝑖𝑜𝑛 𝑠𝑦𝑠𝑡𝑒𝑚 𝑖𝑛 𝑡ℎ𝑒 𝑤𝑜𝑟𝑙𝑑. 𝑃𝑟𝑒𝑠𝑡𝑖𝑔𝑖𝑜𝑢𝑠 𝑢𝑛𝑖𝑣𝑒𝑟𝑠𝑖𝑡𝑖𝑒𝑠 𝑖𝑛 𝑆𝑖𝑛𝑔𝑎𝑝𝑜𝑟𝑒 𝑖𝑛𝑐𝑙𝑢𝑑𝑒 𝑁𝑎𝑡𝑖𝑜𝑛𝑎𝑙 𝑈𝑛𝑖𝑣𝑒𝑟𝑠𝑖𝑡𝑦 𝑜𝑓 𝑆𝑖𝑛𝑔𝑎𝑝𝑜𝑟𝑒 (𝑁𝑈𝑆), 𝑁𝑎𝑛𝑦𝑎𝑛𝑔 𝑇𝑒𝑐ℎ𝑛𝑜𝑙𝑜𝑔𝑖𝑐𝑎𝑙 𝑈𝑛𝑖𝑣𝑒𝑟𝑠𝑖𝑡𝑦 (𝑁𝑇𝑈) & 𝑆𝑖𝑛𝑔𝑎𝑝𝑜𝑟𝑒 𝑀𝑎𝑛𝑎𝑔𝑒𝑚𝑒𝑛𝑡 𝑈𝑛𝑖𝑣𝑒𝑟𝑠𝑖𝑡𝑦 (𝑆𝑀𝑈). 𝑇ℎ𝑖𝑠 𝑦𝑒𝑎𝑟, 𝑁𝑎𝑡𝑖𝑜𝑛𝑎𝑙 𝑈𝑛𝑖𝑣𝑒𝑟𝑠𝑖𝑡𝑦 𝑜𝑓 𝑆𝑖𝑛𝑔𝑎𝑝𝑜𝑟𝑒 (𝑁𝑈𝑆) ℎ𝑒𝑙𝑑 𝑜𝑛 𝑡𝑜 𝑖𝑡𝑠 𝑡𝑜𝑝 𝑠𝑝𝑜𝑡 𝑖𝑛 𝐴𝑠𝑖𝑎 𝑎𝑛𝑑 𝑝𝑙𝑎𝑐𝑒𝑑 11𝑡ℎ 𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑎𝑔𝑎𝑖𝑛 𝑖𝑛 𝑡ℎ𝑒 𝑄𝑢𝑎𝑐𝑞𝑢𝑎𝑟𝑒𝑙𝑙𝑖 𝑆𝑦𝑚𝑜𝑛𝑑𝑠 (𝑄𝑆) 𝑊𝑜𝑟𝑙𝑑 𝑈𝑛𝑖𝑣𝑒𝑟𝑠𝑖𝑡𝑦 𝑅𝑎𝑛𝑘𝑖𝑛𝑔𝑠.

𝑇ℎ𝑒𝑠𝑒 𝑎𝑟𝑒 𝑖𝑛𝑡𝑒𝑟𝑛𝑎𝑡𝑖𝑜𝑛𝑎𝑙𝑙𝑦 𝑟𝑒𝑐𝑜𝑔𝑛𝑖𝑧𝑒𝑑 𝑢𝑛𝑖𝑣𝑒𝑟𝑠𝑖𝑡𝑦 𝑖𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑖𝑜𝑛𝑠, 𝑤ℎ𝑒𝑟𝑒 𝑝𝑙𝑎𝑐𝑒𝑚𝑒𝑛𝑡𝑠 𝑎𝑟𝑒 ℎ𝑖𝑔ℎ𝑙𝑦 𝑐𝑜𝑚𝑝𝑒𝑡𝑖𝑡𝑖𝑣𝑒 𝑎𝑚𝑜𝑛𝑔 𝑠𝑡𝑢𝑑𝑒𝑛𝑡𝑠 𝑜𝑓 𝑑𝑖𝑓𝑓𝑒𝑟𝑒𝑛𝑡 𝑛𝑎𝑡𝑖𝑜𝑛𝑎𝑙𝑖𝑡𝑖𝑒𝑠.

𝟔) 𝐋𝐨𝐰 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐑𝐚𝐭𝐞 𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭 𝑆𝑖𝑛𝑔𝑎𝑝𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑏𝑎𝑛𝑘 𝑂𝑓𝑓𝑒𝑟 𝑅𝑎𝑡𝑒 (𝑆𝐼𝐵𝑂𝑅) 𝑐𝑎𝑛 𝑏𝑒 𝑖𝑛𝑓𝑙𝑢𝑒𝑛𝑐𝑒 𝑏𝑦 𝐹𝑒𝑑 ℎ𝑖𝑘𝑒 𝑜𝑟 𝑐𝑢𝑡𝑠 𝑎𝑛𝑑 𝑖𝑡 𝑟𝑖𝑠𝑒𝑠 𝑜𝑟 𝑓𝑎𝑙𝑙 𝑎𝑐𝑐𝑜𝑟𝑑𝑖𝑛𝑔 𝑡𝑜 𝑡ℎ𝑒 𝑔𝑙𝑜𝑏𝑎𝑙 𝑚𝑜𝑛𝑒𝑦 𝑚𝑎𝑟𝑘𝑒𝑡. 𝐻𝑖𝑠𝑡𝑜𝑟𝑖𝑐𝑎𝑙𝑙𝑦, 𝑆𝐼𝐵𝑂𝑅 𝑎𝑛𝑑 𝑡ℎ𝑒 𝑈𝑆 𝐹𝑒𝑑 𝑟𝑎𝑡𝑒𝑠 ℎ𝑎𝑣𝑒 𝑏𝑒𝑒𝑛 𝑐𝑙𝑜𝑠𝑒𝑙𝑦 𝑐𝑜𝑟𝑟𝑒𝑙𝑎𝑡𝑒𝑑. 𝑊𝑖𝑡ℎ 𝐹𝑒𝑑𝑒𝑟𝑎𝑙 𝑂𝑝𝑒𝑛 𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑜𝑚𝑚𝑖𝑡𝑡𝑒𝑒 (𝐹𝑂𝑀𝐶) ℎ𝑒𝑙𝑑 𝑖𝑡𝑠 𝑝𝑜𝑙𝑖𝑐𝑦 𝑏𝑒𝑛𝑐ℎ𝑚𝑎𝑟𝑘 𝑛𝑒𝑎𝑟 𝑧𝑒𝑟𝑜 𝑎𝑛𝑑 𝑎𝑙𝑚𝑜𝑠𝑡 𝑎𝑙𝑙 𝑜𝑓𝑓𝑖𝑐𝑖𝑎𝑙𝑠 𝑓𝑜𝑟𝑒𝑐𝑎𝑠𝑡 𝑘𝑒𝑒𝑝𝑖𝑛𝑔 𝑖𝑡 𝑡ℎ𝑒𝑟𝑒 𝑡ℎ𝑟𝑜𝑢𝑔ℎ 2022, 𝑆𝐼𝐵𝑂𝑅 𝑖𝑠 𝑒𝑥𝑝𝑒𝑐𝑡𝑒𝑑 𝑡𝑜 𝑠𝑡𝑎𝑦 𝑙𝑜𝑤 𝑡𝑖𝑙𝑙 𝑡ℎ𝑒𝑛.

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