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Superrich head to settle in US west

By Zhu Wenqian | China Daily | Updated: 2016-10-29 07:20

The western United States remains the most popular area for China's superrich to settle down abroad, with Los Angeles, San Francisco and Seattle standing as the top three locations, respectively, according to the latest findings in a report released on Friday.

The findings show that Seattle's popularity has risen for two years and exceeded New York to become one of the top cities where wealthy Chinese would like to invest in properties and emigrate to, according to the new report co-released by Hurun Research Institute and immigration agency Visas Consulting Group.

The report found that in the next three years, about 800,000 Chinese individuals are expected to invest in overseas properties. Homes close to schools are most welcomed by Chinese investors, followed by downtown homes and those in Chinese neighborhoods.

"The rich Chinese have been more actively considering investing overseas and are paying closer attention to the dollar exchange rate," said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report.

"Over half of them are worried about the depreciation of the yuan and the housing price bubbles in major Chinese cities," he added.

On average, overseas investments accounted for 15 percent of respondents' total wealth, and spreading financial risks has become their chief concern, followed by a desire to provide better education for their children.

David Chen, partner and lawyer at Visas Consulting Group China, said a continuing interest among Chinese for investment migration could largely be attributed to clearer application processes for countries such as the US and Canada - as well as networks already set up by migrants' friends and relatives.

When it comes to buying overseas properties, high rates of return was their main concern. Now, most people pay more attention to the reasonable allocation and inheritance of their assets," he said.

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