Report: Chinese look abroad to preserve wealth

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Associated Press

Posted on May 6, 2013 at 11:32 PM

Updated Monday, May 6 at 11:33 PM

BEIJING (AP) — A new report says China's richest people are investing more abroad as they try to preserve their fortunes in a fast-changing economy and 10 percent expect their children to emigrate.

The report Tuesday by China Merchants Bank and the consulting firm Bain & Co. on private wealth in China reflects the uncertainties about the future of an economy in which growth is slowing from the past decade's double-digit rates.

Beijing wants to nurture slower, sustainable growth based on domestic consumption and service industries, downplaying exports and investment that made fortunes for a generation of entrepreneurs.

China Merchants and Bain said people interviewed for its report are stepping up investment in real estate and other assets in the United States, Canada, Hong Kong and Singapore to "diversify and preserve wealth."

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