Hong Kong ‘still top choice for China’s rich’ investing outside the mainland and overseas
Investors drawn to city's low tax rate, shared culture and financial access to the rest of the world, survey of high net-worth players finds
Hong Kong remains the top offshore investment option for the mainland's moneyed elite thanks to its proximity, low tax rate, cultural similarities and global access, according to a survey released yesterday.
Consulting firm Bain & Co said the survey, conducted jointly with China Merchants Bank, polled roughly 2,800 mainlanders who had more than 10 million yuan (HK$12.5 million) in investable assets and had overseas investments.
Of those about 71 per cent said Hong Kong was their preferred offshore investment destination. The United States was seen as a good option for 54 per cent of the respondents, while Australia was well regarded by 17 per cent.
The study, which is conducted every two years, found that interest in overseas investment was growing among the high net-worth individuals.
About 37 per cent of the respondents in this year's study said they had financial products and property outside the mainland, compared to 33 per cent in 2013 and 19 per cent in 2011.
This percentage is even higher among the super-rich, with 57 per cent of people with more than 100 million yuan of investable assets having money offshore.