Most wealthy Chinese have already bought themselves a foreign passport and properties, but now the higher middle-class is moving part of their assets abroad, tells WSJ wealth editor Wei Gu. And although China restricts exporting capital abroad, Chinese find enough loopholes.
The annual limitation per person can be circumvented by using ten relatives, explains Wei Gu. “Or there are underground companies to do so.” In Wenzhou the central government is now experimenting with a more liberal financial regime.
Europe, including Spain, Portugal, Greece and Ireland, is one of the favorite places for Chinese to go to, because of many distressed assets, caused by the financial crisis. In the China Weekly Hangout earlier in February we discussed the strategy by EU-member Cyprus for getting Chinese investors in, with Cypriotic business manager Pol Panayiotides.
- Chinese Investors Buying More Foreign Stocks (marketcurator.com)
- Africa, the new target for affluent Chinese – Wei Gu (chinaherald.net)
- Why Chinese investors invest abroad – Wei Gu (chinaherald.net)
- The push and pull between banks and regulators on lending – Wei Gu (chinaspeakersbureau.info)