Chinese leader Xi Jinping’s decision to lift travel restrictions for COVID-19 is accelerating an exodus of wealthy residents, who could fuel billions in capital outflows as they plow cash into real estate and assets abroad.
Since the end of “zero-COVID” in December, many wealthy Chinese have begun traveling abroad to view real estate or determine plans to emigrate, immigration advisers said in interviews. This threatens a brain drain in the second largest economy in the world and an outflow that could put pressure on the financial markets.
In the past two years, Xi’s crackdown on industries such as technology, real estate and education, and his push for “communal prosperity,” have startled the rich, who have long been accustomed to getting richer as long as they challenge the supremacy of the communists. don’t doubt. Party. Advisers to the wealthy say those concerns have worsened since October, when Xi solidified his political control at a twice-a-decade party congress.
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