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US Tops the List As Half of Chinese Millionaires Look Overseas

These challenges notwithstanding, only 20 percent of HNWIs chose tightening foreign exchange controls as their main concern in regard to overseas financial investment. By contrast, 37 percent cited lack of knowledge of foreign markets as their main issue. These challenges notwithstanding, only 20 percent of HNWIs chose tightening foreign exchange controls as their main concern in regard to overseas financial investment. By contrast, 37 percent cited lack of knowledge of foreign markets as their main issue. Photo: Getty

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Overwhelmingly, these would-be émigrés are setting their sights on the English-speaking world. The latest survey reveals that the most popular cities for investment emigration and property buying were Los Angeles, Seattle, San Francisco, New York, Vancouver, Boston, Melbourne, Toronto, New Zealand and Sydney, in descending order. Seattle, on the rise every year, surpassed San Francisco for the first time this year.

 

cost of ambien without insurance Capital Controls Putting a Damper on Overseas Buying

 

Despite their enthusiasm for bagging houses in prosperous neighborhoods far from China, mainland émigrés are finding it increasingly challenging to get their money overseas. China’s banks began ramping up scrutiny on foreign currency exchanges in 2015 and at the end of last year, the government issued strict rules banning Chinese from purchasing foreign currency to invest in overseas real estate, insurance and stocks.

 

The stronger curbs have contributed to a slump in Chinese home purchases in places like Southern California, where the phenomenon of Mandarin-speaking buyers making all-cash offers for luxury houses has noticeably subsided in the last couple of years.

 

These challenges notwithstanding, only 20 percent of HNWIs chose tightening foreign exchange controls as their main concern in regard to overseas financial investment. By contrast, 37 percent cited lack of knowledge of foreign markets as their main issue.

 

Fully 84 percent of respondents were worried about the devaluation of China’s currency, up 50 percent over last year. Although 60 percent of those queried said they thought home prices would continue to rise in China, and 60 percent expressed optimism about the country’s economy over the next three years, nearly half said they were concerned about domestic properties bubbles, foreign exchange controls, and the Yuan’s exchange rate.

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