Hurun Research Institute‘s latest report shows that Mercedes-Benz owners in China are the country’s most wealthy, while Chinese Infiniti owners have the lowest average wealth.
The average luxury car owners in China is 33.5 years old, and their annual household income is just over $160,318, according to the report. China’s Mercedes-Benz owners have about $1.8 million in household assets.
The report is based on interviews with a group of 800 luxury car owners in 10 cities across China. “Spending money on a nice car is the first outward sign of success for many Chinese. The objective of this report is to highlight the brand image of these luxury cars in China,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
China is expected to overtake the U.S. as the world’s largest premium car market by 2016.
The United States is the top investment destination for Chinese property buyers this year, according to the latest report released by Juwai.com, reported China Daily. Juwai.com is a Chinese-language international property portal catering to Chinese buyers.
A quarter to half of all buyers start hunting for property without any particular country in mind, according to the report. “The country where the property is located can be less important. More high-net-worth buyers are beginning to search by property price and lifestyle,” said Andrew Taylor, co-CEO of Juwai.com.
The property could be in any country, however, it has to be close to a major international airport or a well-known University. The traditional gateway cities are still the top choices, but Chinese investors also look into newer destinations which are growing fast or have a big growth potentiality.
In the US, in addition to New York City, Los Angeles, Philadelphia and Houston, emerging cities which drive more Chinese clients to purchase include Honolulu, Detroit, Charlotte, Chicago and Austin, according to the report.
The Internet and word of mouth are two major channels for affluent Chinese and emerging middle class to buy property overseas, said Taylor.
Juwai now has established relationships with Chinese buyers and the real estate agencies in places like the US.