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China’s elite have new international outlook

By Juwai, 05 November 2012

The gaudy, gold-lacquered ballroom of the Legendale Hotel in downtown Beijing was filled to bursting on Friday morning with a sample of China’s wealthy elite, all there with the intention of shifting some of their money abroad. Jamil Anderlini and Patti Waldmeir report for The Financial Times. November 4, 2011.

Prospective buyers of French chateaux, Caribbean islands and Manhattan penthouse suites rubbed shoulders with immaculately suited European sales people flown in to sell China’s nouveau riche a comfortable offshore refuge or two. “The primary motivation for Chinese buyers is to export wealth out of the country, it’s not a financial decision at all,” according to George Varvitsiotis, managing director of Propgoluxury.com, a luxury real estate web portal with a stall at the event. “They prefer luxury properties because they can transfer large amounts in one go.” He says this trend only began a couple of years ago and has accelerated rapidly.