Almost 61 per cent of those surveyed said they planned to increase their overseas holdings in the next two years. Significantly, wealthy Chinese are not motivated by chasing higher returns when they park their savings abroad. Most respondents expected a return of a maximum of 5 per cent on their investments. Instead, they are chasing safe havens, such as property and insurance schemes, cited as the top two destinations for cash. This is driving wealthy Chinese to invest their savings abroad on an unprecedented scale, making China a top exporter of wealth on top of its existing status as number one exporter of manufactured goods. The US was the preferred destination for 42 per cent of survey respondents seeking a safe place for their cash. Its robust economy, coupled with looser visa restrictions and high quality education is making it a magnet for China’s wealthy class. Next ranked were Hong Kong, Australia, Canada and the UK. Almost 77 per cent of those surveyed owned at le...
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