Xi’s got China’s rich worrying about wealth. Now they’re scrambling for visas

[jhungary]

You would be surprised. I have clients who hold Grenadian citizenship, reside in Singapore, and derive their source of wealth from Greater China lol.

The very rich today are globally mobile, both physically and financially. There's no 'final stop' for them per se. They have assets across different countries, and simply reside in whichever country they find the most comfortable in.

You would be surprising many people assume migrating to a country means they will usually reside in that country. This is hardly ever the case.

I myself have migrated twice (Not counting the birth citizenship I got, but I consider moving from America to Australia an migration, even I am born with both Citizenship) first from US to Canada, then from US to Sweden, I didn't spend much time in both country, in Canadian case, I wasn't living there long enough to get their Citizenship. And only satisfied Swedish Citizenship because my wife is Swedish. I was living in US when I was supposedly migrated to Canada, and I was living in the UK (Which I also have a passport due to my HK connection) when I was supposedly migrated to Sweden.

People in China don't want to live in Grenada, but they do want their money there, because of low tax and freedom to move it anywhere you want. Most Chinese uses Grenadian citizenship to gain access to the US. That's the same thing for Bahamas where the richer Chinese goes. Tax Haven with US connection. That is the reason why they migrate to Grenada, not because they enjoy the Caribbean

 

[S10]

Good, wealth inequality is a massive problem in China. Top 1% of the population shouldn't own more than the bottom 50%.

Still not a fan of Xi but closing the wealth gap and making the rich pay their fair share is absolutely needed.

 

[Song Hong]

Wealth flight is a big problem for every countries. Tax haven get benefit by ripping off others.

Next second this Chinese tycoon become a foreigner and continue to hold strategic asset that impact national security. This foreigner contribute nothing to the tax and while his offshore company enslave locals. And this foreigners scion -> ∞ is going to enslave locals.

Digital Yuan is a part of solution to this problem. It affect elites too much. That is why it is so hard to roll out.

 

[beijingwalker]

such reports have been around for at least a decade, a repetitive rant same as coming collapse of China.

 

[Chat SAMOSA]

Well, I'm currently working in the wealth management industry in Singapore and I can say that there has been a huge influx of hot money from China. From your average millionaires to top renowned billionaires which I obviously cannot name are diversifying a part of their wealth into Singapore. There are heavy taxes for foreigners if they want to buy our property, yet they still snap it up like it's nothing. And most of them are actually pretty young.

As Chinese buyer drops US$61m on condos, what’s fuelling Singapore home prices?

Prices for private and public homes have increased, but high-profile buyers aren’t to blame, observers say, as demand exceeds supply and construction costs rise.

www.scmp.com

More wealthy Chinese moving to S'pore as China becomes more hostile to the rich: Financial Times

Singapore becoming more attractive for the rich.

mothership.sg

Bloomberg - Are you a robot?

www.bloomberg.com

You would be surprised. I have clients who hold Grenadian citizenship, reside in Singapore, and derive their source of wealth from Greater China lol.

The very rich today are globally mobile, both physically and financially. There's no 'final stop' for them per se. They have assets across different countries, and simply reside in whichever country they find the most comfortable in.

Until 2021 Chinese were buying up much of the condos in New Jersey, select parts of California, Manhattan ofcourse and swaths of Florida. I was told these are mostly CCP officials stashing away their money using someone else's name in the extended family.

 

[beijingwalker]

Until 2021 Chinese were buying up much of the condos in New Jersey, select parts of California, Manhattan ofcourse and swaths of Florida. I was told these are mostly CCP officials stashing away their money using someone else's name in the extended family.

You must have been "told" many things, housing price is cities in China is higher than that in US, if people can even afford a house in Chinese cities, what surprised you if they can buy them in US?

 

[tower9]

Well, I'm currently working in the wealth management industry in Singapore and I can say that there has been a huge influx of hot money from China. From your average millionaires to top renowned billionaires which I obviously cannot name are diversifying a part of their wealth into Singapore. There are heavy taxes for foreigners if they want to buy our property, yet they still snap it up like it's nothing. And most of them are actually pretty young.

As Chinese buyer drops US$61m on condos, what’s fuelling Singapore home prices?

Prices for private and public homes have increased, but high-profile buyers aren’t to blame, observers say, as demand exceeds supply and construction costs rise.

www.scmp.com

More wealthy Chinese moving to S'pore as China becomes more hostile to the rich: Financial Times

Singapore becoming more attractive for the rich.

mothership.sg

Bloomberg - Are you a robot?

www.bloomberg.com

You would be surprised. I have clients who hold Grenadian citizenship, reside in Singapore, and derive their source of wealth from Greater China lol.

The very rich today are globally mobile, both physically and financially. There's no 'final stop' for them per se. They have assets across different countries, and simply reside in whichever country they find the most comfortable in.

If Singapore was at least a medium sized country, there would be millions of Mainland Chinese moving there.

 

[S10]

You must have been "told" many things, housing price is cities in China is higher than that in US, if people can even afford a house in Chinese cities, what surprised you if they can buy them in US?

Having higher housing prices in China is not a point of pride.

 

[Mista]

If Singapore was at least a medium sized country, there would be millions of Mainland Chinese moving there.

As a small country, we are acutely aware of our inherent disadvantages and pursue policies, sometimes tough ones, to compensate for our lack of size. If we are a larger country, the orientation of our society may be different and we might not be what we are today.

 

[Chat SAMOSA]

You must have been "told" many things, housing price is cities in China is higher than that in US, if people can even afford a house in Chinese cities, what surprised you if they can buy them in US?

The main point is how even CCP goons are desperate to get their money out of China.

But your penchant finding silver linings however synthetic is laudable

 

[beijingwalker]

The main point is how even CCP goons are desperate to get their money out of China.

But your penchant finding silver linings however synthetic is laudable

How much money is getting out of China? how much is getting out of India? Do you have a data?

China FDI up 20.2 percent year-to-date in 2022
In dollar terms, that is US$138.4 billion, an increase of 20.2 percent from the same period in 2021. The services sector absorbed the lion's share of this amount, accounting for RMB 662.1 billion, a year-on-year growth rate of 8.7 percent.Sep 22, 2022

Top recipients of FDI inflows worldwide in the first quarter of 2022 were China (USD 101 billion), the United States (USD 67 billion), and Australia (USD 59 billion). Top sources of FDI outflows worldwide were the United States (USD 114 billion), Australia (USD 80 billion) and the United Kingdom (USD 58 billion).

 

[Chat SAMOSA]

Why, so you can get CCP to clamp on that too ?

 

[beijingwalker]

Why, so you can get CCP to clamp on that too ?

Lol , CCP is creating wealth way better than India, you should worry more about yourself about your continuous siiding in global hunger index

Global Wealth Surges as China Overtakes U.S. to Grab Top Spot

Global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide.

www.bloomberg.com

 

[Song Hong]

Unfortunately these days some Chinese elites have deviate from Mao. White man come in, fk Chinese elites daughters, then couple park all their monies overseas. Their bastard scions hold productive assets, and leech on Chinese people labor forever -> ∞. No joke, enemy foreigners now enslave Chinese by fking.

Chinese man never marry white elite women. And even if they do, they dont park wealth in China,

I am in favor of Ren Zheng fei style whereby stocks expires after sometime. Dynastic wealth is evil.

 

[S10]

Every rich person I know in China are trying to get out. A few years ago, they were very hopeful of China's future, but Xi fucked it all up.