Wealthy Chinese are still red-hot for US property
Survey shows that US remains top destination for Chinese looking to emigrate or invest in property overseas, although it has fallen in favor since Donald Trump came to power. Canada now more popular than Britain
For a third year running, the United States has come out as the top destination for rich Chinese looking to emigrate or invest in overseas property, while Canada has overtaken Britain for the first time as the second most desired location, according to a survey by Hurun Report and the Visas Consulting Group.
The poll tracks immigration trends among high net-worth Chinese whose personal wealth amounts to between 10 and 200 million yuan (US$1.5 to $30 million).
The survey covers eight factors, namely education, investment destination preferences, immigration policy, the ability to purchase property, individual taxation levels, medical care, visa-free travel and ease of adaptability.
More than half of the respondents said dissatisfaction about education quality (76%) and environmental pollution (64%) in China were the forces driving them to search for more ideal living circumstances overseas.
Five American cities were among the top 10 cities favored for emigration, especially for purchasing property.
The west coast of United States is the most attractive area. Most of the respondents, 17.6%, expressed a desire to buy property in Los Angeles.
The report also found that rich Chinese from the country’s south and east are particularly keen on economically developed costal cities such as Seattle, San Francisco, New York and Boston. Those from the northern and western parts of China, meanwhile, prefer places with clean air and access to nature, such as Sydney.
Despite remaining ahead, all the US cities on the list have fallen in favor since President Trump assumed power. Meanwhile, wealthy Chinese are warming to Canadian cities such as Toronto, which saw a 2% rise in popularity from a year earlier.