Xi Jinping's Rising Power Forces China's Wealthiest To 'Execute Their Fire Escape Plans'
China's wealthiest are pulling the trigger on exit plans amid rising pessimism building on the future of the world's second-largest economy after Xi Jinping clinched another five-year term for himself as the country's top leader.
What Happened: Xi getting re-elected for the third term is a tipping point for Beijing's business elite, who thrived for decades as the country's economy boomed, David Lesperance, a Europe-based lawyer who has worked with some of the richest clients in Hong Kong and China, told the Financial Times.
"Now that ‘the chairman' is firmly in place . . . I have already received three ‘proceed' instructions from various ultra-high net worth Chinese business families to execute their fire escape plans," Lesperance said.
Kia Meng Loh, a Singapore-based senior partner at Dentons Rodyk, also told the publication that Hong Kong, a long-favored investment destination for China's wealthy-elite families, had become less attractive after Xi's increased control over the territory.
https://www.msn.com/en-us/money/news/xi-jinping-s-rising-power-forces-china-s-wealthiest-to-execute-their-fire-escape-plans/ar-AA13lGXW
So what's new? Look how much Vancouver BC real estate was bought when Hong Kong was being returned to China.
