At a time when China's economy is facing headwinds, and growth has been slowing, where are the Chinese ultra-rich, whose numbers are expected to swell to 144,897 by 2028 from 98,551 in 2023, parking their wealth?
However, the country's high-end property market remains a favored asset.
Luxury real estate"There has been a noticeable increase in transactions within Shanghai's luxury real estate sector," said James Macdonald, head of China research at global real estate firm Savills, attributing it to a recent policy easing by the government.
That said, China's luxury real estate market is still primarily concentrated in the core areas of first-tier cities, said Li.
Other local investment classes, such as the wider property market and China-listed stocks are not as popular among the ultra rich, experts told CNBC.
Persons:
Weiquan Lin, Frank, James Macdonald, Savills, Stephen Pau, Sam Xie, CBRE's, Xie, Arbour, Tian Di, Knight Frank Head of, Pacific Research Christine Li, Li, Nick Xiao, Xiao, Yongyuan Dai, Pau, defensiveness
Organizations:
CNBC, Pacific Research, Overseas, Domestic Institutional Investors, Domestic Limited, Hywin
Locations:
China, Shanghai, Lujiazui, Knight Frank Head of Asia, Pacific, Hong Kong, Yongyuan, Pau