CHINA-ECONOMY
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The Financial Times recently reported that more than 60 per cent of wealthy Chinese people surveyed in July said they planned to increase their overseas holdings in the coming two years. Residential property was the most popular future investment, followed by fixed-income securities, commercial property, trust products and life insurance policies. FT Confidential identified and polled 77 wealthy individuals, divided into two groups: those with Rmb6m ($941,000) or more to invest, and a so-called “mass affluent” group with Rmb600,000-Rmb6m. These individuals represent China’s wealthy who are self-made business people who have managed to profit from the nation’s economic expansion
The high-level anti-graft campaign kicked off by President Xi Jinping is adding to the rising uncertainty at home, prompting China’s rich to start looking elsewhere to store their wealth. A Shenzhen-based businessman was quoted as saying “China’s policy changes so quickly, I am worried about the safety of my wealth.”
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