SINGAPORE - China remains the top destination for business expansion by Asian enterprises, according to the results of a latest survey released on Monday.

The UOB Asian Enterprise Survey, which covers 1,024 business leaders across six markets in Asia, showed that Malaysia took second spot, while Singapore and Vietnam are in joint third, Singapore's Channel NewsAsia reported.

When it comes to expansion in Asia, companies prefer markets that are home to a large middle-class consumer base or those that offer lower cost manufacturing.

Among the factors driving Asian enterprises to expand abroad, rising labor costs are one of the main factors cited.

Other factors that may influence Asian enterprises to expand regionally include acting on advice of personal and business contacts. These contacts could be those with a similar language or culture, or trade associations and financial advisers.

For the Chinese enterprises, many prefer to expand in the domestic market as they are fully aware of the growth potential, with more than 40 percent of Chinese enterprises looking to invest and expand in the southwest and central parts of China.

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