Los Angeles top pick for wealthy Chinese buying homes abroad, survey suggests
North America most popular destination for China’s rich living overseas, with many saying purchases made to help children’s education, according to report
More than 40 per cent of investment overseas by rich Chinese is spent on property, with North America their favourite place to spend, a survey published by the magazine Hurun Report suggests.
The wealthy each spend an average of 6 million yuan (HK$7.6 million) on property abroad, according to the report.
Seven of the top ten favourite cities for wealthy Chinese buyers are in North America, with Los Angeles, San Francisco and Vancouver topping the list.
Sydney, Melbourne and Singapore made up the rest of top ten.
Investing in overseas property was a prominent trend for wealthy Chinese, given the sluggish property market at home, according to Rupert Hoogewerf, the chairman of Hurun Report, which also compiles rankings of China’s rich.
“The main reasons include a stronger renminbi, the relatively skyrocketing price of houses in China’s first-tier cities and the little room for growth in the domestic property market,” he said.
The survey was based on 141 people who have assets averaging 42 million yuan.