Housing tours in the US for wealthy Chinese clients, and why Switzerland is the most attractive location to live for the International wealthy.
US Real Estate Tours Offered to Chinese Wealthy
Soufun Holdings, one of China’s largest real estate companies, has started to offer housing tours of the US to wealthy Chinese individuals looking to take advantage of the country’s lower real estate prices (Business Week). For a fee of $3,600 each, the tour members viewed homes worth $500,000 to $1m.
Chinese wealthy allocate 21% of their assets to property (Merrill Lynch) and the invest in real estate abroad (Hurun Report). However, Chinese law restricts individuals from taking more than $50,000 out of the country in one year; this means that buyers are predominantly traders or those with businesses that export overseas.
Switzerland has been found to be the most attractive location to live.
The new Mobile Wealthy Residence Index found that Switzerland is the most attractive location to live for the international wealthy, beating London and Singapore (Scorpio Partnership). Its appeal is due to its overall ‘rounded offer’. London was marked down due to recent tax increases for the wealthy and Singapore is expected to rise as a destination for the mobile wealthy. The index was constructed using 11 criteria including economic and political stability, legal considerations, education for children, proximity and culture.
Local landmark to be restored to luxury hotel
Investors looking at Swiss property could take a look at the new development by Swiss Development Group SA who recently unveiled the company’s most exclusive real estate project – the redevelopment of l’Hôtel du Parc, Le Mont-Pèlerin, Chardonne, Switzerland into private hotel-residences. The development is expected to bring lasting benefits for the local community with a beautifully restored local landmark.
To be called the “Du Parc – Kempinski Private Residences”, the company will renovate the property to its former glory while creating 24 “beyond luxury” apartments in the Belle Epoque style. Innovative lifestyle facilities will include five star hotel services, international concierge, cigar lounge and Givenchy private Spa.