China's rich less enthusiastic about property investment in early 2011: report

09:31, April 21, 2011      

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China's rich were less enthusiastic about investing in properties in early 2011 amid tighter government policies to regulate the residential housing market.

Investment by the country's rich in the real estate market took up 14 percent of their overall investment portfolio in early 2011, 4 percentage points less compared to the same period last year, according to a report jointly released Wednesday by the China Merchants Bank and Bain & Company business consulting firm.

The report did not specify the exact period in early 2011, and it defined the rich as having a net worth of over 10 million yuan (1.53 million U.S. dollars).

Among the rich people surveyed, about 90 percent said they would not increase their investment in the real estate sector, especially in the residential market, after the government introduced a package of policies to control the overheated housing market.

The report said the number of people with assets worth more than 10 million yuan in China reached about 500,000 by the end of 2010, up 22 percent compared to the end of 2009. This number was expected to rise to 590,000 by the end of this year.

The report also said with the diversification of their investment portfolios, the overseas assets of China's rich have also been increasing in value.

Source: Xinhua
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