The Wall Street Journal offers a good explanation of what we are seeing in our market in “The Great Chinese Exodus.” An astounding new survey result: 64% of China’s rich (those with assets of $1.6 million or more) are either emigrating or planning to. College students have gone to school elsewhere for a long time, but what’s new is that more and more talented Chinese are deciding they’re better off elsewhere.
“The elite are discovering that they can buy a comfortable lifestyle at surprisingly affordable prices in places such as California and the Australian Gold Coast, while no amount of money can purchase an escape in China from the immense problems afflicting its urban society: pollution, food safety, and a broken education system,” reports the Wall Street Journal. the article goes on to tell the story of a 34 year old Beijing resident who’s bailing out. “Recently, Ms. Sun flew to San Francisco to shop for a school for her daughter, browse for property and handle the paperwork for permanent US residence. She insists that she’s not leaving China forever–a sentiment expressed by many on their way out who sees a foreign passport as an insurance policy in case things go badly wrong in China.”
Photo credit: Trey Ratcliff / Flckr
