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China's rich turn risk averse as home, stock markets seize up
By Feng Jianmin |
December 6, 2011, Tuesday
|
Online Edition
Online Edition
CHINA'S rich are becoming increasingly risk averse amid fast deteriorating sentiment in the property and stock markets, an industry survey showed.
Nearly half of wealthy families' liquid assets were stowed away in bank deposits, while stock market investments made up only 20 percent, a survey by the Allianz China Life Insurance Co revealed today.
The survey was based on interviews with more than 500 individuals with household liquid assets exceeding 500,000 yuan (US$78,839).
"Compared to three years ago, rich people are caring more about the safety of their wealth than the pace of growth," said Liu Jian, chief researcher of the survey. "Their interest in investing in property and equities lags far behind the general will to invest."
The survey showed that property still made up nearly 75 percent of the families' assets, and families with liquid assets between 500,000 yuan and 1 million yuan are most likely to suffer from dropping home prices.
Nearly half of wealthy families' liquid assets were stowed away in bank deposits, while stock market investments made up only 20 percent, a survey by the Allianz China Life Insurance Co revealed today.
The survey was based on interviews with more than 500 individuals with household liquid assets exceeding 500,000 yuan (US$78,839).
"Compared to three years ago, rich people are caring more about the safety of their wealth than the pace of growth," said Liu Jian, chief researcher of the survey. "Their interest in investing in property and equities lags far behind the general will to invest."
The survey showed that property still made up nearly 75 percent of the families' assets, and families with liquid assets between 500,000 yuan and 1 million yuan are most likely to suffer from dropping home prices.
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