China's Rich Dump Property, Fearing for Their Future

For decades, buying apartments was the safest way for wealthy Chinese to save for retirement. Now, a growing number are rushing to sell. Entrepreneur Li Jiang from Guangdong is part of this shift. Since 2020, he has sold multiple properties. At his peak, Li held seven high-value real estate assets. They were his plan for old age and for passing money to his family. His decision initially surprised his friends. But many are now making similar moves. The change comes as China's property market struggles. Prices are falling in major cities. This has broken a long-held belief that real estate values only go up. Wealthy families are moving their money into what they see as safer options. These include high-value insurance policies and physical gold. Financial advisors report a sharp rise in demand for such products. Experts say this is more than a simple investment trend. It represents a fundamental loss of confidence in a core pillar of China's household wealth. The anxiety is especially strong among older entrepreneurs who are planning their retirements. The mass shift of money from bricks and mortar into other assets could have long-term effects on the Chinese economy.