China Xi Jinping NEP bumiputra policy scaring rich chinese to Singapore

[syed putra]

China’s rich are moving their money to Singapore. Beijing’s crackdown is one of the reasons​

PUBLISHED TUE, MAR 29 202211:26 PM EDTUPDATED 6 HOURS AGO

Wendy Ye

Evelyn Cheng@CHENGEVELYN
WATCH LIVE
KEY POINTS

• An increasing number of affluent Chinese are setting up family offices in Singapore.
• The trend appeared to pick up last year after Beijing’s sudden crackdown on the education industry and emphasis on “common prosperity” — moderate wealth for all, rather than just a few.
• Over the last 12 months, inquiries about setting up a family office in Singapore have doubled at Jenga, a five-year-old accounting and corporate services firm, according to its founder Iris Xu. She said the majority of inquiries come from people in China or emigrants from the country.

As Beijing pushes for “common prosperity” and political turmoil threatens Hong Kong, Singapore has become a safe harbor for some of the region’s wealthiest tycoons and their families.
Wei Leng Tay | Bloomberg | Getty Images
More and more wealthy Chinese are worried about keeping their money on the mainland and some see Singapore as a safe haven.