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<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>
Coffeeshop Chit Chat - Now u know why corrupt PRCs like SG...</TD><TD id=msgunetc noWrap align=right> </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt_89 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>May-29 10:38 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 1) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>33839.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>May 30, 2010
Rich and famous leaving China
Some seek better life abroad, but others leave to escape rising hostility against the rich
<!-- by line -->By Grace Ng, China Correspondent
http://www.straitstimes.com/News/World/Story/STIStory_533045.html
Beijing - When basketball superstar Yao Ming's daughter was born on May 21 in a Houston hospital, she sent the Chinese public into a speculative frenzy - and it was not just about her future height.
The question that became among the most hotly debated on Internet forums last week was: Will Baby Yao be an American or Chinese citizen?
This intense public scrutiny about which nationality Yao would pick for his child reflects the growing controversy in China about the trend of rich and famous Chinese migrating overseas en masse.
Some of the most popular destinations include Australia, Canada, Singapore and the United States, where the rich Chinese can enjoy more relaxed visa requirements and lower taxes. Many also move abroad to protect their wealth and escape being a target of social hostility amid a growing gulf between the rich and poor in China.
Singapore permanent residency is viewed very favourably by Chinese looking to migrate because of the island state's excellent living and education environment and attractive tax regime. It also offers special incentives to private banking clients and investors who park significant sums there, said a Singapore-based private banker who handles dozens of such Chinese immigration cases every year.
While there are no official figures of exactly how many wealthy families in China have become naturalised citizens overseas, official data about immigration applications shows that the outflow of well-heeled Chinese is on the rise.
For instance, the number of Beijing applicants for 'investment immigration' visas to the US last year doubled to about 1,000 from 2008, according to statistics from the Beijing Entry and Exit Service Association.
Only people with personal assets of more than 10 million yuan (S$2.1 million) qualify for the visa. It grants permanent residency in exchange for the Chinese applicant investing at least US$500,000 (S$702,000) in certain sectors or regions of the US that have high jobless rates or may be less attractive to businesses.
Experts say this trend is likely to grow even faster as the widening income gap in China escalates the masses' suspicion and anger about the source of these rich Chinese citizens' wealth.
China, which has 55,000 billionaires and millions of people with a net worth of more than US$1 million, also suffers from much more inequitable distribution of wealth than many countries.
One reason for the emigration wave is the sense of insecurity among the rich that they may be the target of attacks in China.
One of the most notorious cases was the 2003 murder of steel magnate Li Haicang - named by Forbes as China's 27th richest man - by an old schoolmate who wanted to vent his resentment over the tycoon's success.
The corrupt practices of Huang Guangyu, the former boss of home appliance retailer Gome who was jailed 14 years for bribery and insider trading, have also spurred greater anger in Chinese society against the rich, whom they suspect of using underhanded means for their own gains, noted analysts.
'Many of these people - even the ones who are not so rich - see that the social situation in China is not stable, and will seize the opportunity to move overseas to places with less social friction,' said sociology professor Li Lulu of Renmin University.
The emigration of successful Chinese has also prompted worries that China is losing talent and resources.
'The government is definitely concerned about the migration of rich people overseas... (but) does it understand why they leave in droves?' said Prof Li.
'What is needed is to create a better environment for the rich so they will continue to be invested here... and also the need to create a fairer society,' she said. 'The contradictions in Chinese society must be addressed.'
[email protected]
Additional reporting by Carol Feng
<HR SIZE=1 width="50%">SOME OPT FOR U.S. OR S'PORE
Award-winning director Chen Kaige and Shanghai-born actress Wu Junmei both hold United States passports.
Mr Zong Qinghou, the founder of beverage giant Wahaha and one of the richest men in China, holds a US green card while his daughter has a US passport.
Actress Gong Li and superstar Jet Li have become Singaporean citizens and bought luxury homes in the city-state.
Some members of the Liu family who owns the Hope Group - one of China's richest and most powerful conglomerates - are also believed to be Singapore permanent residents, according to sources who declined to be named.
Successful fund manager Zhang Lei and his wife are both Singapore PRs, according to registration records of Mr Zhang's company in Singapore. He made headlines this year for donating US$8,888,888 (S$12.5 million) to his alma mater Yale University.
</TD></TR><TR><TD> </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
Rich and famous leaving China
Some seek better life abroad, but others leave to escape rising hostility against the rich
<!-- by line -->By Grace Ng, China Correspondent
http://www.straitstimes.com/News/World/Story/STIStory_533045.html
Beijing - When basketball superstar Yao Ming's daughter was born on May 21 in a Houston hospital, she sent the Chinese public into a speculative frenzy - and it was not just about her future height.
The question that became among the most hotly debated on Internet forums last week was: Will Baby Yao be an American or Chinese citizen?
This intense public scrutiny about which nationality Yao would pick for his child reflects the growing controversy in China about the trend of rich and famous Chinese migrating overseas en masse.
Some of the most popular destinations include Australia, Canada, Singapore and the United States, where the rich Chinese can enjoy more relaxed visa requirements and lower taxes. Many also move abroad to protect their wealth and escape being a target of social hostility amid a growing gulf between the rich and poor in China.
Singapore permanent residency is viewed very favourably by Chinese looking to migrate because of the island state's excellent living and education environment and attractive tax regime. It also offers special incentives to private banking clients and investors who park significant sums there, said a Singapore-based private banker who handles dozens of such Chinese immigration cases every year.
While there are no official figures of exactly how many wealthy families in China have become naturalised citizens overseas, official data about immigration applications shows that the outflow of well-heeled Chinese is on the rise.
For instance, the number of Beijing applicants for 'investment immigration' visas to the US last year doubled to about 1,000 from 2008, according to statistics from the Beijing Entry and Exit Service Association.
Only people with personal assets of more than 10 million yuan (S$2.1 million) qualify for the visa. It grants permanent residency in exchange for the Chinese applicant investing at least US$500,000 (S$702,000) in certain sectors or regions of the US that have high jobless rates or may be less attractive to businesses.
Experts say this trend is likely to grow even faster as the widening income gap in China escalates the masses' suspicion and anger about the source of these rich Chinese citizens' wealth.
China, which has 55,000 billionaires and millions of people with a net worth of more than US$1 million, also suffers from much more inequitable distribution of wealth than many countries.
One reason for the emigration wave is the sense of insecurity among the rich that they may be the target of attacks in China.
One of the most notorious cases was the 2003 murder of steel magnate Li Haicang - named by Forbes as China's 27th richest man - by an old schoolmate who wanted to vent his resentment over the tycoon's success.
The corrupt practices of Huang Guangyu, the former boss of home appliance retailer Gome who was jailed 14 years for bribery and insider trading, have also spurred greater anger in Chinese society against the rich, whom they suspect of using underhanded means for their own gains, noted analysts.
'Many of these people - even the ones who are not so rich - see that the social situation in China is not stable, and will seize the opportunity to move overseas to places with less social friction,' said sociology professor Li Lulu of Renmin University.
The emigration of successful Chinese has also prompted worries that China is losing talent and resources.
'The government is definitely concerned about the migration of rich people overseas... (but) does it understand why they leave in droves?' said Prof Li.
'What is needed is to create a better environment for the rich so they will continue to be invested here... and also the need to create a fairer society,' she said. 'The contradictions in Chinese society must be addressed.'
[email protected]
Additional reporting by Carol Feng
<HR SIZE=1 width="50%">SOME OPT FOR U.S. OR S'PORE
Award-winning director Chen Kaige and Shanghai-born actress Wu Junmei both hold United States passports.
Mr Zong Qinghou, the founder of beverage giant Wahaha and one of the richest men in China, holds a US green card while his daughter has a US passport.
Actress Gong Li and superstar Jet Li have become Singaporean citizens and bought luxury homes in the city-state.
Some members of the Liu family who owns the Hope Group - one of China's richest and most powerful conglomerates - are also believed to be Singapore permanent residents, according to sources who declined to be named.
Successful fund manager Zhang Lei and his wife are both Singapore PRs, according to registration records of Mr Zhang's company in Singapore. He made headlines this year for donating US$8,888,888 (S$12.5 million) to his alma mater Yale University.
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