Half of Chinese millionaires want to move abroad, but NYC is not their top destination

Currency stability is a growing concern: survey

New York /
Jul.July 17, 2017 03:46 PM

Around half of wealthy Chinese are toying with the idea of moving overseas, but New York is not their top destination in the U.S.

Los Angeles is the most popular city within the U.S. among Chinese with a net worth of more than $1.5 million who want to move their families out of the country, according to a survey from Hurun Report. New York ranks fourth, behind Seattle and San Francisco. The United States was still the most popular destination, ahead of Canada, the United Kingdom and Australia.

“Education and pollution are driving China’s rich to emigrate,” Hurun’s Rupert Hoogewerf told CNBC. “If China can solve these issues, then the primary incentive to emigrate will have been taken away.”

Worries over the stability of China’s currency are also pushing more Chinese to consider emigration. Over 80 percent of Chinese millionaires told Hurun they are worried about currency devaluations, up from 50 percent a year earlier, CNBC reported.

The Real Deal previously reported that capital controls designed to stabilize China’s currency have made it harder for individuals to move money out of the country and buy properties in New York.  The controls have hurt the Big Apple’s luxury condo market, which has come to rely in part on wealthy Chinese buyers. Meanwhile the EB-5 program, a popular tool for wealthy foreigners to get U.S. visas, faces an uncertain future.

TRD is hosting its third annual U.S. Real Estate Showcase & Forum in China from Nov. 2-4 in Shanghai. [CNBC]Konrad Putzier


Related Articles

arrow_forward_ios
116 East 65th Street and Ghislaine Maxwell (Zillow, iStock)
Investor Frederick Rudd sells Ghislaine Maxwell’s former UES townhouse
Investor Frederick Rudd sells Ghislaine Maxwell’s former UES townhouse
HomeLight CEO Drew Uher (HomeLight, iStock)
HomeLight lays off a fifth of its workers, weeks after raising $60M
HomeLight lays off a fifth of its workers, weeks after raising $60M
Berkshire Hathaway HomeServices' Steven James (right) and Brad Loe (BHHS, iStock)
Berkshire Hathaway HomeServices wants to be a New York contender
Berkshire Hathaway HomeServices wants to be a New York contender
Amy Schumer and 19 Cranberry Street in Brooklyn Heights (Zillow, Getty Images)
No joke: Amy Schumer strikes deal for “Moonstruck” home
No joke: Amy Schumer strikes deal for “Moonstruck” home
CoStar's Andy Florance and REBNY’s James Whelan (Getty, iStock)
REBNY, CoStar launch Citysnap listing portal
REBNY, CoStar launch Citysnap listing portal
Stake co-founders Rowland Hobbs and Jimmy Jacobson (LinkedIn, iStock)
Pay rent, make bank: Stake pioneers cash rewards for renters
Pay rent, make bank: Stake pioneers cash rewards for renters
Carlton Hobbs with 60 East 93rd Street (Getty, Google Maps)
One of NYC’s widest townhouses sells for $53M
One of NYC’s widest townhouses sells for $53M
From left: Jon Bon Jovi, CAA co-founder Michael Ovitz and 155 West 11th Street (Getty Images, Compass Real Estate, iStock)
Ovitz revealed as Bon Jovi’s Greenwich Village condo buyer
Ovitz revealed as Bon Jovi’s Greenwich Village condo buyer
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...