China’s Dai Zhikang is getting out of the real estate markets that made him one of the country’s leading property developers. After 20 years of appreciation, Dai believes the real estate market in China has topped out.
What’s he see as the next area of opportunity? The South China Morning Post says it’s art:
“People are getting rich in terms of their financial strength,” he said. “And in turn, they have shifted their attention to precious pieces of art, and other areas of spiritual appreciation, which has also ushered in huge market potential.”
Zendai has already launched investment funds focusing on art and financial products, and Dai says the country’s art world has a rosy future which in turn offers he and his business valuable prospects.
“Just a single painting can attract a price tag of several hundred millions of yuan,” he said.
“The size of the art market could soon catch up with the property sector.”
Zendai owner turns his back on property, and looks instead to art (South China Morning Post)