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Building wealth in China you have to keep it there due to tight capital controls. In the USA you can transfer it out of the country if you want to. https://ww
by gscott 3y ago
Building wealth in China you have to keep it there due to tight capital controls.
In the USA you can transfer it out of the country if you want to.
https://www.scmp.com/business/china-business/article/3212414/i-cant-get-my-money-out-billionaire-investor-mark-mobius-says-china-restricting-flows-capital-out https://www.scmp.com/business/china-business/article/3212414...
https://www.smh.com.au/business/the-economy/china-s-rich-are-using-total-strangers-to-sneak-cash-out-of-the-country-20231107-p5ei2h.html https://www.smh.com.au/business/the-economy/china-s-rich-are...
https://www.rfa.org/english/news/china/china-banks-waits-07212023123106.html https://www.rfa.org/english/news/china/china-banks-waits-072...
https://harris-sliwoski.com/chinalawblog/getting-money-out-of-china-the-long-version/ https://harris-sliwoski.com/chinalawblog/getting-money-out-o...
https://www.afr.com/world/asia/smurfing-strangers-how-china-s-rich-smuggle-cash-from-the-country-20231106-p5ei1o https://www.afr.com/world/asia/smurfing-strangers-how-china-...
https://agbrief.com/news/china/24/01/2024/china-tightens-controls-on-capital-outflows-amid-market-rout/ https://agbrief.com/news/china/24/01/2024/china-tightens-con...
https://www.uschina.org/china%E2%80%99s-capital-controls-choke-cross-border-payments https://www.uschina.org/china%E2%80%99s-capital-controls-cho...
https://www.ft.com/chinese-capital-controls https://www.ft.com/chinese-capital-controls
- maxglute 3y agoAnd? They can financial engineer a few 100 million out of country and have generational wealth stashed abroad or be a boring billinoaire in PRC. Flashing extravagant lavishness is frowned upon, maybe settle for a 300 ft yacht instead of a 600ft mega yacht like a RU oligarch or Arab crown prince. They're billionaires they can get pretty much what they want, not upper-middle class family from tier1 city trying to figure out how to wire >50kUSD to pay their kids rent and tuition.
- seanmcdirmid 3y agoChinese transferring wealth out of China to buy American and Canadian real estate is actually a popular way of protecting themselves and laundering money from non-legit enterprises in the mainland.