China’s upper class wants a home abroad

The wealthy people of China are investing in housing abroad. They put substantial amounts of money in home real estate, particularly in US cities like Los Angeles, San Francisco and Seattle.

More than 60 per cent of China's upper class plans to invest in properties abroad in the next three years, says the ‘Immigration and the Chinese High-Net-Worth Individuals 2016’ report compiled by the Hurun Report magazine and Visas Consulting.

According to BusinessInsider, the new interest in foreign properties is believed to be a result from the fall in the value of the Chinese yuan and an overheated domestic property market. The survey shows that 56 per cent of China’s wealthy worry about the continuing depreciation of the yuan, which has fallen about 10 per cent against the US dollar since last summer. Many of China’s rich plan to emigrate.

Further reading on Business Insider

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