Chinese property buyers have made splashes in the world's best-known cities. But as their focus shifts toward enjoyment from pure investment, their next stops are likely to be closer to home.
splashes：色斑，散点
One in eight Chinese families own more than one home, according to a recent report by Zhejiang University and Tsinghua University. But very few own vacation or retirement homes. Typically, Chinese start to amass their real-estate empires with markets they know, often in the cities where they live.
amass：积聚，积累 real-estate：不动产的
More recently, they have gone to developed countries to preserve value and diversify their wealth outside of China. Chinese are already the second-biggest international buyers in the U.S. after Canadians, according to a 2012 study by the National Association of Realtors.
The next shift is likely to be to places where buyers actually want to live. 'Chinese have been buying all over the world,' said Shanghai-born Jeanette Hall, co-founder and director of Zekkei Properties, which develops and operates vacation properties in Japan, Thailand, Hawaii and New York.
'But they have now started thinking, 'Where do I really want to go?' and usually it is not so far away from home,' Ms. Hall added.
The same thing has happened to the fashion industry. Customers who started with Rolex and Louis Vuitton have moved on to lesser-known brands that suit their individual tastes.
Chinese property buyers seem to want the same things everyone else wants: a warm climate, mountains and beaches, fresh air, great food and access to good health care and schools.
'Going far is for the next generation—sending kids to schools abroad,' said Wellington Ong, head of relationship management for Northeast Asia at Standard Chartered Private Bank. 'Going near is for the current generation—forging new friendships and probably eventually settling there.'
The southern Chinese city of Zhuhai has the potential to become China's Florida. The sleepy town sits on the border with the gambling mecca of Macau, but is more affordable: The average home price in Zhuhai is $170 per square foot—about a fifth of the average price in Macau and a tenth the price in Hong Kong.
Already, many Zhuhai residents commute to work in Macau's casinos, and infrastructure development is making Zhuhai more accessible. Once the Hong Kong-Zhuhai-Macau Bridge opens to traffic in 2016, travel time by car between the two sides of this delta region will be cut to 45 minutes from around four hours.
Another Chinese city that is expected to do well as a second-home destination is Haikou, at the northern tip of Hainan Island. Its air is consistently ranked as the best among the 74 cities tracked by the China National Environmental Monitoring Center.
Prices at the former fishing village still look reasonable, with the average home going for $130 per square foot, according to the National Bureau of Statistics of China. That is less than half of the average home price in Sanya, a tourism hotspot located on the southern tip of Hainan.
Direct beneficiaries from increased traffic into the two Chinese cities include China-listed Shenzhen Airport Co. and Hong Kong-listed Hainan Meilan International Airport Co.
beneficiaries：受益者
Outside mainland China, Taiwan's traditional culture, green scenery and relaxed atmosphere are big draws. Mainland Chinese are allowed to buy properties in Taiwan—a fact that isn't widely known—though visa restrictions can complicate things. Even if they own a home in Taiwan, which China considers a renegade territory, mainland Chinese can't stay for more than four months a year.
renegade：叛徒，背叛
The Chinese developer Vantone said in 2012 it sold 18 units—at about $13 million each—in a luxury Taipei project to Beijing buyers. This market isn't for the middle class; luxury homes cost about $1,000 per square feet, according to Knight Frank.
Hong Kong is the top destination outside mainland China for Chinese tourists. There are few bargains in Hong Kong, one of the world's most expensive cities, with a 1,000 square-foot apartment in the city center going for around $3.1 million, according to the Rating and Valuation Department in Hong Kong.
But homes in the outlying islands or the New Territories, which borders mainland China, can be about one-third cheaper. That may change as new infrastructure shortens the travel time between China and Hong Kong. The bridge to Zhuhai is set to bring more traffic to Hong Kong's Lantau Island, while a new high-speed railway from Beijing will bring more mainland bustle into Kowloon and the New Territories.
The Chinese government has been easing rules governing where people can travel and live. If those restrictions continue to loosen as expected, it could be a further boost to these markets as Chinese look toward enjoying their hard-earned wealth.