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People's Daily Online>>China Business

Rich get risk-averse amid weak sentiment

(Shanghai Daily)

10:50, December 07, 2011

Rich people in China are becoming more risk-averse amid poor sentiment in the property and stock markets, an industry survey showed yesterday.

Nearly half of a rich family's liquid assets were in bank deposits while investments in the stock market made up only 20 percent, according to a survey by the Allianz China Life Insurance.

"Compared with three years ago, the rich people care more about the safety of their wealth than the returns," said Liu Jian, the survey's chief researcher. "Their interest in investing in property and equities lags far behind the general desire to invest."

Property still makes up nearly 75 percent of the families' total assets, the survey showed, adding that families with liquid assets of between 500,000 yuan (US$78,520) and 1 million yuan will likely be hardest-hit if home prices dropped.

Medical expenses top the list of wealthy people's concerns, and they are resorting to safe investments such as deposits and insurance to hedge against any uncertainties.

The survey was done with more than 500 individuals with household liquid assets exceeding 500,000 yuan in 18 cities in China.

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