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Rich Chinese Favor Overseas Properties for Investment: Report

A report showed that nearly half of people on the Chinese mainland with total assets worth more than 10 million yuan ($1.45 million) consider overseas properties their most important means of investment.


The group has 2.3 overseas houses each on average, and 15.6 percent of them own at least four each, according to the report published by Hurun Research Institute on January 16.


Over 50 percent of the properties they bought were purchased for school district access, the report said, adding that children's education and the need to hedge against risks are two major reasons for their purchases.


As of May 2016, the Chinese mainland had about 1.34 million people with assets worth of more than 10 million yuan, up 10.7 percent year-on-year, the report said.


The U.S. west coast is the top destination for immigration or real estimate investment for rich Chinese, it said.


(Xinhua News Agency January 17, 2017)

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