Rich: HNWIs now are rational in funding

property in the US in the coming three years, followed by the UK, Australia, Singapore and New Zealand, the report stated.

From HNWIs’ perspective, the top six cities for overseas property purchases are Los Angeles, New York, Boston, San Francisco, Seattle and London, according to another report entitled Immigration and the Chinese HNWIs 2018, which was jointly released by the Hurun Research Institute and Visas Consulting Group.

Over the next three years, 52 percent of HNWIs will give priority to return on investment when purchasing overseas property. Nearly half of respondents said they will consider properties in the city center or in a Chinese community, while more than 30 percent of respondents said they will buy properties in suburbs or school districts.

HNWIs’ overseas assets account for 11 percent of their total assets, of which property makes up a large chunk. They hope the proportion will increase to 25 percent in the future.

China’s rich are becoming more sophisticated and rational in their investments, and destinations with huge development potential are receiving their attention, the report stated, said Slevin Wang, director and joint head of international residential projects at CBRE China, a property services firm.

Countries such as Vietnam, which is witnessing rapid development like the Pudong area of Shanghai did decades ago, and Thailand are preferred for the lifestyle options they offer.