Despite government measures to curb housing speculation, property kept on creating wealth for China’s millionaires, says Rupert Hoogewerf or Hurun in the Shanghai Daily, as he publishes his latest report on the country’s rich. One in 1,400 Chinese owns over 10 million RMB (1.5 million US dollars) in assets.
“There was speculation on the growth enterprise market but generally the stock markets in both Shanghai and Hong Kong closed almost unchanged at the end of 2010 from a year earlier,” he said.
China’s gross domestic product rose 10.3 percent in 2010 and new home prices in 70 cities were up 13.7 percent on average from a year earlier, according to official figures. A report by Knight Frank, a London-based property service company, said high-end property prices rose 21 percent in China last year.
“Owning two or three apartments in Shanghai would qualify an individual to be listed,” Hoogewerf said.China’s measures to curb property speculation may affect wealth, he said, but a small portion of the millionaires still predicted prices to rise 50 percent in the next three years.
Millionaires are more interested in investing in art works and old, traditional villas than the stock market.