A foreigner, right, shows his job application form at a human resource market in Beijing in this 2012 file photo. [Photo/IC]

China is the third most popular destination for immigrants, where a quarter of foreign expatriates earn more than $300,000 a year, according to a report on immigration released by the Hongkong and Shanghai Banking Corporation, people.com.cn reported.

The report, released on Oct 22, has Switzerland as the top destination and Singapore second. It also shows that China has a strong appeal to foreign expatriates because of its low cost of living and high salaries.

Seventy-six percent of expatriates have witnessed an increase in their purchasing power in China, according to the HSBC report.