Today's news 22 Aug 2012 on BBC.
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[video]http://video.ca.msn.com/watch/video/chinas-rich-seek-overseas-residency/16igcb421[/video]
The super rich in PRC have planned their escape route just in case the economy turns or something else happens.
Many have chosen a PR status in Singapore. That's good for us in terms of money inflow.
Some plan to go to USA or Australia or England.
Why?
Because the PRC super rich do not want to become destitute overnight. China is going to have a leadership change soon.
They have learnt past generation's lesson of Cultural Revolution.
They have seen what happened to the Vietnamese Chinese who had to become boat people.
They have seen what happened in Cambodia under the Khmer Rouge, where for those who foolishly stayed, it was too late to run away.
They are not leaving China yet. They still have business there. But they have planned to move part of their families and wealth out and have alternative homes and PR status in other countries, just in case. This is excellent contingency planning. It is the smart thing to do if you have a lot to lose when things go awry.
I mean a LOT to lose.
If nothing bad happens, they can continue making money in China.
A (late) Indonesian tycoon who wisely did the same contingency planning, came to Singapore in 1998.
Read this
Press article
Watch this video
[video]http://video.ca.msn.com/watch/video/chinas-rich-seek-overseas-residency/16igcb421[/video]
The super rich in PRC have planned their escape route just in case the economy turns or something else happens.
Many have chosen a PR status in Singapore. That's good for us in terms of money inflow.
Some plan to go to USA or Australia or England.
Why?
Because the PRC super rich do not want to become destitute overnight. China is going to have a leadership change soon.
They have learnt past generation's lesson of Cultural Revolution.
They have seen what happened to the Vietnamese Chinese who had to become boat people.
They have seen what happened in Cambodia under the Khmer Rouge, where for those who foolishly stayed, it was too late to run away.
They are not leaving China yet. They still have business there. But they have planned to move part of their families and wealth out and have alternative homes and PR status in other countries, just in case. This is excellent contingency planning. It is the smart thing to do if you have a lot to lose when things go awry.
I mean a LOT to lose.
If nothing bad happens, they can continue making money in China.
A (late) Indonesian tycoon who wisely did the same contingency planning, came to Singapore in 1998.
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