Los Angeles remains wealthy Chinese investors’ top overseas destination for the fifth consecutive year, according to a survey released Thursday.
Among the 224 Chinese high-net-worth individuals polled, who have at least US$1.5 million and who either have emigrated or plan to emigrate, 18.7% say they are looking to purchase properties in the West Coast city.
The survey was conducted between March and June by Hurun Research Institute, a China-based market information provider.
In fact, the top five overseas destinations for Chinese buyers consistently have been in U.S. cities with world-class colleges for the past five years, according to the report.
The other four top cities are New York, with 13.4% of wealthy Chinese surveyed planning to purchase properties there, as well as Boston (9.4%), San Francisco (8.9%) and Seattle (8.9%).
"The American education system remains one of the main reasons Chinese investors most favor the United States," the report said.
London ranked sixth for Chinese real estate investors, overtaking other popular international cities Vancouver, Toronto and Melbourne for the first time in five years Hurun publishes the report.
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Overall, Chinese investment in overseas real estate is expected to increase 50% over the next three years, according to the survey.
On average, Chinese high-net-worth individuals surveyed want to increase the share of overseas properties in their total assets to 25% from the current level of 11%.