As concerns surge over dropping Yuan, China's millionaires eye property abroad
China's weakening currency turns to be a major concern for more than half of the country's wealthy elite, with about 60% of them planning to purchase property overseas for the next three years as a hedge against Yuan’s ongoing depreciation.
The most popular destination for that investment was supposed to be America, in particular the West Coast, followed by the United Kingdom, Canada, Australia as well as Singapore, according to a study from the Hurun Report published on Monday.
China's major currency has dropped approximately 3.5% against the evergreen buck so far this year, descending more than 1.5% in October alone as the US dollar leapt broadly against other major key currencies.
The report, that polled up to 300 wealthy Chinese between August and October, came with questions about Yuan’s depreciation for the first time after it had stood out as a major concern in focus groups ahead of the poll.