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:

• Hong Kong Security Law Sparks Race for Asia’s Next Financial Capital (Nikkei Asian Review)
• Southeast Asian Tech Hubs Race to Become the Next Silicon Valley (Nikkei Asian Review)
• Which Countries Are Most Influenced By China? (Oilprice.com)
• Hong Kong Tycoons Start Moving Assets Offshore as Fears Rise Over New Extradition Law (Reuters)
• Asian Banks Are Nibbling the Lunches of Global Banks (CCTV)
• Asia at a Crossroads: Demographics, Economics & Investment (State Street)
• No Improvement in Asia Pacific Corporate Payments in 2015 (Coface)
• Singapore’s GIC Bets on Emerging Market Technolgy Investments (Reuters)
• Apple Plans to LEAVE China as COVID Protests Delay Production of Its Products: Tim Cook Could Move Factories to India and Vietnam After Brutal Lockdown at iPhone Plant Mean Key Deliveries Won’t Arrive in Time for Christmas (Daily Mail)
• Singapore’s Sovereign Wealth Fund to Increase Investment in China (FT)
• Sustained Growth Slowdown in China Would Spill Over to Asia-Pacific Region and Beyond (Moody’s Talk)
• Bloomberg’s Misery Index’s Least Miserable Emerging Markets
• Singapore’s ‘Democratic Dawn’? Parties Adapt to New Landscape (Nikkei Asian Review)
• The Spoils of Trade War: Asia’s Winners and Losers in US-China Clash (SCMP)
• Singapore Emerges as Asia’s Digital Securities Trading Hub (Nikkei Asia)