A significant number of wealthy Chinese people are planning to purchase foreign properties in the next few years, a survey found.
According to the report by the researchers from Hurun Research Institute and Visas Consulting Group, around 60% of China’s richest individuals have set their sights on properties outside the country, with the United States as the top choice.
Conducted from August to October of this year, the survey covered about 1.34 million Chinese individuals who are worth at least $1.5 million, according to China Daily.
In the findings, about 800,000 rich Chinese are planning to invest in land property and eventually reside overseas. The survey revealed that United States of America is the number one preferred destination, followed by Great Britain, Canada, Australia and Singapore.
According to Hurun Report CEO and top researcher, Hupert Hoogewerf, rich individuals are looking to distribute a significant portion of their wealth overseas, with priority on saving in banks and purchasing land.
He added that the decline in value of the Chinese yuan and the high demand but limited supply of property in the country’s first class cities have sparked Chinese millionaires to consider investing in foreign lands.
The wealthy demographic is reportedly considering, among others, the cultural environment, quality of education, business environment, immigration policy, taxation, medical condition, and visa requirements in their eventual choice of destination.