The central government has been trying to cool down real estate, but when we look at the annual Hurun rich list, real estate is back at the top position as wealth creator, says Hurun chairman Rupert Hoogewerf at 4-Traders. And IT is following.
One in four members on the rich list made their money in China’s real estate industry, overtaking manufacturing as the most common source of wealth. Six out of the top 10 made their money in the construction sector.
Land prices in China have hit record highs in recent weeks, reflecting strong demand for property and presenting a quandary to China’s leaders who are trying to prevent a housing bubble while supporting the sector, which is a key driver of economic growth.
“Strong performances in real estate and IT have driven China’s richest to new records,” Rupert Hoogewerf, founder and chairman of Hurun Report, said in a statement.
Hoogewerf, a British accountant, began publishing the list in 1999. It draws from a broad range of sources and the report has conceded that “valuing the wealth of China’s richest is as much an art as it is a science”.
China’s new visa system is on the agenda of the +China Weekly Hangout coming Thursday 12 September. The system kicked in on September 1, and many questions have already been raised. In the hangout we try to answer questions, as far as possible in such an early phase. Read here our initial announcement or register here at our event page.
Is China going to collapse under the burden of its debts? Yes, if they do not play their cards rights, told Sara Hsu, leading expert on shadow banking in China at the China Weekly Hangout on August 30. Questions are asked by Fons Tuinstra of the China Speakers Bureau.