Covid-weary Chinese Millionaires Eye Singapore Amid ‘Chaos and Unpredictability’ at Home (SCMP)

  • VIP clubs catering to Chinese are mushrooming across the city state, while Chinese foreign students are looking to stay after graduation.
  • “A sluggish domestic market, escalating lockdowns against Covid-19, depreciating properties and the [weak] yuan are all eating away at our wealth, as well as tighter tax scrutiny ahead. The point is, we don’t know how long this will last,” Zhang said.
  • The city is one of the top five destinations for high-net-worth individuals looking to emigrate, along with the United Arab Emirates, Australia, Israel and Switzerland, according to the Henley Global Citizens Report released in June. Russia, China, India, Hong Kong and Ukraine have the highest net outflows of wealthy people, said Henley & Partners, an investment migration consultancy based in London.
  • The most eye-catching Chinese immigrants to Singapore are wealthy entrepreneurs, who are setting up family offices in the city, said Joylin Su, an executive at an asset-management firm typically serving rich families. READ MORE (Via The Star)

Similar Posts:

This entry was posted in China, Frontier / Emerging Market News, Southeast Asia and tagged , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.