China's Wealthy Eye Australian Property
More than 60,000 of China's richest people plan to invest in the Australian real estate market over the next 3 years, a recent report published by the Hurun Research Institue shows. Australia is 4th in the lineup of most popular investment destinations after the US, the UK and Canada, with Sydney and Melbourne being respondents' preferred cities to purchase property.
"China currently has 1,340,000 high-net-worth individuals, defined as individuals with US$1.5m, so that means we are looking at a massive 800,000 individuals who want to buy property overseas over the next three years,” Chief Executive Researcher of the Hurun Report Rupert Hoogewerf told The Australian. Australia's generous healthcare system was cited as one of the major drawcards by respondents, followed closely by education, as many Chinese businessmen have their children already studying in the country.
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