Rich Chinese increasingly invest in foreign real estate

2013-01-16
Chinese real estate buyers in US

Based on a report by China Merchants Bank and the consulting firm Bain & Co., China's richest citizens are investing more and more in U.S. real estate in order to preserve their wealth.

Attitudes of Chinese investors are being influenced by "the political environment and possible changes in tax policy," said Chen Kunde, director of China Merchants' wealth management business. They are "switching their focus from deriving more profits to protecting their existing wealth."

Almost 60 percent of people surveyed with foreign investments plan to increase these investments. Real estate is the largest portion of their investments and the top destinations include the United States, Canada, Hong Kong and Singapore.

Source: Associated Press, May 2013

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