Rich Chinese Cash in on Crisis, Buy Art, Vineyards, Property

Whether its rare art works or dirt-cheap real-estate, China’s rich are keen on placing their money anywhere else but in China, where the global economic chaos was barely felt.

According to a CNBC report, when the global financial crisis took off in 2008 leading to market crashes in Europe and the US, Chinese wealth began its “trip” across the globe, with elite China investors stepping in and turning a profit.

Wealthy Chinese are now shifting away from buying property in the US, London, Australia, Singapore and Canada, and instead looking to place their cash on everything from vineyards and breweries to villas and apartments, with cash-strapped Greece being an attractive choice.

Besides, lining up to buy Greek state assets — the country’s biggest port is already in Chinese hands — Chinese bidders purchased three of four islands that were up for sale in an online auction on China’s largest online-shopping website, Taobao. The isles, belonging to Greece, Canada and Fiji, were sold within 12 hours, with a Yunnan construction magnate handing over approximately $770,000 for the Greek island.

At the same time, those investing overseas at the peak of the financial crisis are not selling. As their assets grow in value, they are now looking to expand into small- and medium-sized enterprises across Europe.