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A survey released by Citibank on Tuesday showed that the number of people in Hong Kong with net assets of HK$10 million or more reached a record high of 511,000 last year. Among the portfolios they own, the value of fixed assets has increased, with property as the dominant asset; in terms of current assets, these multimillionaires'investments have become more diversified.
According to the survey, 75% of the multimillionaires'portfolios are fixed assets, two percentage points higher than in 2015, and the remaining 25% are current assets. 'This reflects the fact that property prices have accumulated a lot of increases over the past few years, which has increased the proportion of fixed assets,'Mr. Lin Zhigang, general manager of Citibank in Hong Kong, said at the launch.
According to the survey, the average millionaire in Hong Kong owns more than three properties per person, including 1.9 in Hong Kong, 0.6 in mainland China and 0.7 overseas. In the next 12 months, Hong Kong's property prices are expected to fall from 33% in the previous year to 56% last year, but their interest in buying property has increased. More than half (52%) believe that the current is a good / neutral time to buy property, 21 percentage points higher than the previous year.
"Millionaires are bullish on property prices over the next 12 months, but they are also waiting for the time to turn around, so their interest in buying property has increased." Lin Zhigang said.
Residential property prices in Hong Kong have rebounded in the first two months of this year, five months after falling from their historic high in August last year. Lin Zhigang said that the bank's forecast is that Hong Kong property prices will stop falling in the first quarter of this year, rising 10% in the second and third quarters and 5% in the whole year.
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