Singapore is increasingly viewed as a home rather than just a backup plan for ultra high-net-worth Chinese clients, as this is where their 'family wealth is kept safe', say industry insiders.
"WHEN I'M HERE, I KNOW MY MONEY IS MINE"
Other Chinese tycoons fear the Communist Party could apply similar pressure or even take over their businesses at low prices, an accountant familiar with the situation told AFP. One of the founders of China's largest hotpot chain, Haidilao, also recently set up a family office in Singapore. "I won't be surprised if the total figure by the end of 2022 shows that one out of two new family offices originates from China," he said.The outflow is expected to continue even though China's strict zero-COVID policy and curbs have now been lifted, analysts said.
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