Asia's high net worth individuals (HNWI) are moving away from their long-held focus on property, and dumping local stocks for foreign ones, a new survey found.
Property dropped to a share of 32.2 percent of Asian HNWIs' portfolios, from 40 percent three years ago, the most recent East & Partners Asia survey found.
Property has typically been a huge portion of many Asian investors' portfolios.
A HSBC report in 2014 found that nearly 40 percent of affluent Asians owned an overseas investment property, while a CBRE report in 2015 found Chinese outbound real estate investment underwent explosive growth over the previous two years, rising above $10 billion in total commercial property transactions in 2014, from $2 billion in 2009.
The shift away from property by Asian HNWIs was accompanied by an uptick in allocations to alternative assets, the survey, conducted in May, found. Their alternatives allocation rose to 15.1 percent of total portfolios on average, from 8 percent three years ago.