They already bought Bellevue Washington ( [
link to www.seattletimes.com] )
The systematically depreciating yuan and the house price bubbles in Chinese cities have made the elite nervous. Capital flight has become apriority. Dodging government limits on capital flight has turned into an art. And buying properties overseas is the modus operandi to get their wealth out of harm’s way. The numbers are staggering:
60% of high net-worth individuals (HNWI) in China are planning to buy real estate in other countries over the next three years, with the target of moving one-third of their wealth overseas, according to an annual survey, conducted by Hurun Research Institute and Visas Consulting Group.
“More than half of the HNWI are concerned about the depreciation of the yuan, with other prominent concerns including the US dollar exchange rate and overseas asset management,” the report found.
Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher added, “Worries about the depreciation of the yuan and housing bubbles in major Chinese cities are pushing Chinese HNWIs to invest their money overseas.”
The systematic depreciation of the yuan has occurred even as Chinese authorities have consistently announced that there’s “no basis for persistent yuan depreciation.”
“I compiled every single time a top Chinese policy maker said there’s no basis for persistent yuan depreciation since Aug 2015,” tweeted Justina Lee at Bloomberg. She wondered why they have to use the “no-basis wording repeatedly. Did they focus group it & found that it was the most calming? Did some PR guru vet it?” Li Keqiang, Premier of the State Council, “is definitely the no-basis-for-continued-yuan-depreciation-er-in-chief,” she tweeted.
way more and charts at [
link to wolfstreet.com]
"My mom said the only reason men are alive is for lawn care and vehicle maintenance."
United States
