Go west

China Daily (USA) - - FRONT PAGE - By ZHU WENQIAN zhuwen­qian@ chi­nadaily.com.cn

A re­port finds western US re­mains pop­u­lar places for Chi­nese su­per­rich.

The western United States re­mains the most pop­u­lar area for China’s su­per­rich to set­tle down abroad, with Los An­ge­les, San Fran­cisco and Seat­tle stand­ing as the top three lo­ca­tions, re­spec­tively, ac­cord­ing to the lat­est find­ings in a re­port re­leased on Fri­day.

The find­ings show that Seat­tle’s pop­u­lar­ity has risen for two years and ex­ceeded New York to be­come one of the top cities where wealthy Chi­nese would like to in­vest in prop­er­ties and emi­grate to, ac­cord­ing to the new re­port co-re­leased by Hu­run Re­search In­sti­tute and im­mi­gra­tion agency Visas Con­sult­ing Group.

The re­port found that in the next three years, about 800,000 Chi­nese in­di­vid­u­als are ex­pected to in­vest in overseas prop­er­ties. Homes close to schools are most wel­comed by Chi­nese in­vestors, fol­lowed by down­town homes and those in Chi­nese neigh­bor­hoods.

“The rich Chi­nese have been more ac­tively con­sid­er­ing in­vest­ing overseas and are pay­ing closer at­ten­tion to the dol­lar ex­change rate,” said Ru­pert Hoogew­erf, chair­man and chief re­searcher of the Hu­run Re­port.

“Over half of them are wor­ried about the de­pre­ci­a­tion of the yuan and the hous­ing price bub­bles in ma­jor Chi­nese cities,” he added.

On av­er­age, overseas in­vest­ments ac­counted for 15 per­cent of re­spon­dents’ to­tal wealth, and spread­ing fi­nan­cial risks has be­come their chief con­cern, fol­lowed by a de­sire to pro­vide bet­ter ed­u­ca­tion for their chil­dren.

David Chen, part­ner and lawyer at Visas Con­sult­ing Group China, said a con­tin­u­ing in­ter­est among Chi­nese for in­vest­ment mi­gra­tion could largely be at­trib­uted to clearer ap­pli­ca­tion pro­cesses for coun­tries such as the US and Canada — as well as net­works al­ready set up by mi­grants’ friends and rel­a­tives.

When it comes to buy­ing overseas prop­er­ties, high rates of re­turn was their main con­cern. Now, most peo­ple pay more at­ten­tion to the rea­son­able al­lo­ca­tion and in­her­i­tance of their as­sets,” he said. .

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