A person name Chen is one of the China's rapidly expanding “rich class”. He has several properties in Beijing, including a grand courtyard house he uses solely to entertain friends and business associates, China Daily reported.
The large siheyuan, a traditional house found in the capital's sprawling hutongs, cost Chen 12 million yuan ($1.75 million), suggesting he is far removed from those who sweat and struggle for years to afford small, humble homes.
China has seen a massive expansion in the rich class in the past five years, according to analysts.
“The country's fortune is increasing at a skyrocketing speed and is converging toward the rich class,” Rupert Hoogewerf, founder of the Hurun Rich List, told Outlook Weekly.
“The number of people with a personal wealth of more than 1 billion yuan has rapidly risen since 2004. Then, there were 100. In 2009, 1000 people were in the club.”
The growth in Chinese millionaires alone has attracted interest for multinational companies, including Deutsche Bank AG, which is planning to target more services to China’s rich class, reported the German press. According to other experts, the rich class is a group with only one thing on their mind: property.
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