Financial Times/Edward White and Mercedes Ruehl/10-24-2022
“Wealthy Chinese are pulling the trigger on exit plans from their homeland as pessimism builds over the future of the world’s second-largest economy under Xi Jinping and the ruling Chinese Communist party.
USAGOLD note: Things in China, it seems, have gone south in a hurry. Concerns stretch from worries about a new wealth tax to personal safety. FT cites the disappearance of several high profile Chinese citizens including Jack Ma (Alibaba), Peng Shuai (tennis star), Xiao Jianhua (financier) and Whitney Duan (real estate mogul).
“The family motto has always been: ‘Keep a fast junk in the harbour with gold bars and a second set of papers’. The modern equivalent would be a private jet, a couple of passports and foreign bank accounts. That is the world we are in . . . it is tough stuff.” – David Lesperance, EU-based lawyer working with wealthy Chinese families