Recently Yahoo News on-line reported the following:
Exodus of Wealthy Chinese Accelerates with End of Covid
Zero (1/2)
Bloomberg News
Wed, January 25, 2023 at 1:00 p.m. PST
(Bloomberg) -- President Xi Jinping’s decision to dismantle
Covid travel restrictions is accelerating an exodus by wealthy Chinese, who
could fuel billions in capital outflows as they plow cash into property and
assets abroad.
Since the end of Covid Zero in December, many rich Chinese
have begun traveling overseas to check out real estate or firm up plans to
emigrate, immigration consultants said in interviews. That’s threatening a
brain drain in the world’s second-largest economy as well as outflows that
could pressure its financial markets.
Over the past two years, Xi’s crackdown on a industries like technology, real estate and education, and his push for “common prosperity,” have spooked the rich, long accustomed to growing wealthier as long as they didn’t question the supremacy of the Communist Party. Advisers to the wealthy say those concerns have worsened since October when Xi cemented his political control at a twice-a-decade party congress.
Canadian immigration law firm Sobirovs is seeing a growing urgency from Chinese clients seeking to migrate to the North American country. “I would say the past six months people really got fed up. And so we see a spike on consultation bookings,” said Feruza Djamalova, a senior lawyer at Sobirovs. “Now our clients from China, they’re willing to do relocation and they want to as soon as possible.”
Before the pandemic, China faced capital flight of about $150 billion annually from people going overseas, but the amount is likely to be higher in 2023 since they haven’t be able to travel for the last three years, according to Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis SA. Her calculation — worked out by looking at unexplained differentials in global tourism data — is an estimate of funds left abroad permanently by Chinese nationals who travel.
“China will confront big outflows this year and this will likely pressure the renminbi and the current account,” Garcia Herrero said. The capital flight might not be bigger than previous years if many can’t get their money out, but it could still impact the labor force, productivity and growth, she said.
China has the world’s second-largest number of ultra rich, after the US, with more than 32,000 peoples holding wealth exceeding $50 million, according to September report from Credit Suisse Group AG.
The departures among the wealthy already began last year. About 10,800 rich Chinese migrated in 2022, the most since 2019, and the second most after Russia, according to New World Wealth, a global data intelligence partner of investment migration consultant Henley & Partners.
Henley saw inquiries from Chinese individuals on migration more than quadruple in the days after China’s reopening compared to the week before. Emigration was low in the early part of the pandemic, but queries doubled in 2022.
Juwai IQI, a real-estate firm that helps sell international property to customers in Asia, said the number of mainland Chinese buyer inquiries dropped 26% in 2021 and fell 11% in 2022, but it’s gone up 55% in 2023 so far and stayed at that level.
Denny Ko, an immigration lawyer in Hong Kong who advises wealthy Chinese clients, said that the truly rich have had contingency plans in place for years, and the people who are now looking for options tend to be further down the wealth scale, including the upper middle class, entrepreneurs and senior-level executives.
(to be continued)
Translation
（彭博社）- 中國國家主席習近平取消新冠疫情旅行限制的決定正在加速中國富人的外流，他們可能會在將現金投入海外房地產和資產時, 助長數十億美元的資本外流。
有一移民顧問在接受採訪時表示，自 12 月 新冠病毒結清零束以來，許多中國富人開始出國考察房地產或確定移民計劃。 這威脅著世界第二大經濟體的人才流失,
以及可能對其金融市場造成外流的壓力。
在過去的兩年裡，習近平對科技、房地產和教育等行業的打壓，以及他對 “共同富裕” 的推動，已經嚇壞了富人，他們就已經習慣了, 只要他們不質疑政府的至高無上地位，就會變得更富有。 富人的顧問說，自去年 10 月習近平在十年二度的黨代會上鞏固他的政治控制以來，擔憂已經惡化。
加拿大移民律師事務所 Sobirovs 發現，中國客戶越來越迫切尋求移民到北美的國家。Sobirovs 的高級律師 Feruza Djamalova 說: “我想說過去六個月人們真的受夠了。 因此，我們看到諮詢預約量激增”; “現在我們的客戶來自中國，他們願意搬遷離開，而且他們希望盡快搬離。”
Natixis SA 亞太區經濟學家首席執行官 Alicia Garcia Herrero 表示，在病毒大流行之前，中國每年面臨約 1,500 億美元的資金外逃，但由於過去三年他們無法旅行，到 2023 年這一數字可能會更高。 她的計算 - 通過查看全球旅遊數據中無法解釋的差異 - 得出是對旅行的中國公民, 把資金永久留在國外的估計。
Garcia Herrero 說: “中國今年將面臨大量資金外流，這可能會給人民幣和經常賬戶帶來壓力” 。 她說，如果許多人無法取出資金，資本外逃的規模可能不會比前幾年大，但仍可能影響勞動力、生產力和增長。
根據瑞士信貸集團 9 月份的報告，中國擁有世界第二大超級富豪，僅次於美國，超過 32,000 人擁有超過 5,000 萬美元的財富。
富人的離開從去年就開始了。 根據投資移民諮詢公司
Henley & Partners 的全球數據情報合作夥伴 New World Wealth 的數據，2022
年大約有
10,800 名中國富人移民，這是自 2019 年以來最多的，僅次於俄羅斯。
Henley發現，與一周前相比，即在中國重新開放後的幾天裡，中國個人對移民的諮詢增加了四倍多。 病毒大流行初期的移民人數很少，但到 2022 年查詢量翻了一番。
幫助向亞洲客戶銷售國際房產的房地產公司
Juwai IQI 表示，2021 年中國大陸買家詢價數量下降了 26%，2022 年下降了
11%，但到
2023 年迄今上升了
55%，並且保持在那個水平不變。
為富有的中國客戶提供諮詢服務的香港移民律師 Denny Ko 表示，真正的富人已經制定了多年的應急計劃，而現在正在尋找選擇的人往往是財富規模較低的人，包括上層 中產階級、企業家和高級管理人員。
(to be continued)
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