Chinese President Xi Jinping's crackdown on big tech industries, real estate and education, and his push for "common prosperity" over the past two years have terrified China's wealthy community, The Singapore Post reported.
A massive surge has been reported in Chinese seeking to immigrate to North American countries and wealthy Chinese are desperate to move at the earliest, The Singapore Post reported citing a US-based news agency. The worries of rich people have worsened since Xi Jinping secured his third term at the 20th National Congress of the Communist Party in October last year.
A large number of wealthy Chinese have already moved to other nations since last year. About 10,800 wealthy Chinese have immigrated overseas in 2022, the most since 2019 and second only to Russia, The Singapore Post reported citing New World Wealth. New World Wealth is a global data intelligence partner of investment immigration consultancy Henley and Partners.
Rich businessmen are accelerating immigration, and they are investing cash in real estate and assets overseas after China lifted travel restrictions, as per the The Singapore Post report. The consultancy firm found that inquiries from Chinese clients, most of them from the business community, about immigration have increased after China lifted travel restrictions.
Immigration numbers were low in the early days of the COVID pandemic. However, the inquiries have doubled by 2022. Juwai IQI, a real estate firm that helps sell international properties to Asian clients, said the number of inquiries from mainland Chinese buyers reduced by 26 per cent in 2021, as per the news report. However, it rose 55 per cent so far in 2023 and remained at this level.
Wealthy Chinese have expressed worry about Xi Jinping's so-called "common prosperity" slogan and they are exploring overseas private equity, and real estate investment opportunities in places, including the United States and Japan, The Singapore Post reported citing asset management companies.
On January 11, the online edition of Foreign Affairs magazine published an article on January 11 that said that emigrating to a "greener" place is no longer the only wish of the rich in China. In recent weeks, violent protests and unrest have targeted Chinese police and party-state representatives, as per the news report.
At the 20th National Congress opening ceremony held in October last year, "Common prosperity" appeared many times in Xi's speeches as a major principle and policy, as per the news report. He considers "common prosperity" as part of "Chinese-style modernisation" and is committed to standardising the wealth accumulation mechanism and "regulate excessively high income."
( With inputs from ANI )
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