[ad_1]
SINGAPORE: In a Feb 12 (Sunday) article, the nationwide British day by day broadsheet newspaper The Telegraph mentioned Singapore has turn into a “playground for Chinese language ultra-rich” who’re avoiding a crackdown on the well-heeled.
Nevertheless, their lavish spending habits are wreaking havoc on Singapore’s actual property market, sending costs hovering, The Telegraph added.
The piece quoted Mr Pearce Cheng, chief govt of relocation providers firm AIMS, as saying, “You can not think about the way in which they spend cash. It’s loopy.”
In one other anecdote, a household moved out of a home that they’d been renting for £10,000 month-to-month (SGD16,000) as a result of the rental price was elevated to £26,000 (SGD41,700).
However in every week the home was snapped up by a rich Chinese language household.
A transfer to Singapore shouldn’t be a brand new phenomenon for China’s richest, because of the nation’s status as a tax haven, however a recent wave started to be noticed towards the top of final yr, resulting from President Xi Jinping‘s crackdowns in addition to Covid-19 shutdowns.
In 2022, an estimated 10,000 high-net-worth people regarded to drag US$48 billion (S$66 billion out of China), trade consultants informed Bloomberg.
“Important cash is flowing into Singapore” from China, Bloomberg additionally quoted Cheah Cheng Hye, co-founder of Worth Companions Group, as saying, with many trying into establishing household places of work.
A household workplace is a personal wealth administration advisory agency that caters to ultra-high-net-worth people — individuals who have $1 million or extra in liquid monetary property. Such companies handle the investments and funds of well-heeled people or households and supply consultancy providers on assorted facets of finance together with taxes, insurance coverage, donations, and wealth switch.
When the article was posted on Reddit on Sunday (Feb 12), some netizens mentioned that is certainly taking place.
“Can affirm. My CEO is a wealthy a** Chinese language who setup our abroad department simply to convey his cash right here,” wrote one Reddit consumer.
Others expressed complaints that “the native folks proceed to endure.”
Nevertheless, some Reddit customers mentioned this isn’t a brand new phenomenon however has been taking place for a very long time. 
/TISG
China to see ‘exodus of wealth’ to Singapore after Xi Jinping’s crackdowns, Covid shutdowns
Ship in your scoops to information@theindependent.sg
– Commercial –
[ad_2]
Source link
