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Nobody is thinking this way. Chinese people with money aren't particularly distrustful of their government, they're just trying to buy what they want before som
by Canada 10y ago
Nobody is thinking this way. Chinese people with money aren't particularly distrustful of their government, they're just trying to buy what they want before someone else does.
An enormous number of Chinese people have made huge amounts of money. They've already bid up all the desirable areas in their own country to insane prices. It's San Francisco bad. So they look elsewhere. They see lots of opportunities in the West that offer more value for their money, an opportunity to escape from the brutal rat race that China is, and a mature legal system and deep cultural respect for property rights. All they have to do is make payment...
They can't just wire the money out because the Chinese government imposes strict capital controls. So they bypass them through HK, insurance schemes, investment schemes, through purchase and return of expensive luxury items, by having friends and family wire out of their accounts to their limits, with bitcoin, with good old bags of cash through the airport, or whatever other creative solutions they can find.