A growing number of wealthy Chinese are moving to Singapore, hoping to protect their assets from the Chinese Communist Party.

(Reuters)

[Financial Channel/Comprehensive Report] More and more wealthy Chinese are moving to Singapore, hoping to protect their assets from the Chinese Communist Party.

Some experts explain that Beijing's repression and three-year zero-clearing policy have prompted many families to seek refuge abroad.

A growing number of billionaires are looking to Singapore as their new home rather than a backup plan after billionaire Jack Ma lost about $10 billion in 2020 following a crackdown by Chinese authorities.

The Blazon CEO noted that moving to Singapore meant making sure the family wealth was well-guarded and carried over to future generations.

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Singapore bans strikes and street protests, has relatively low taxes and a predominantly Chinese population.

Many Chinese have moved to luxury villas on the island of Sentosa, which overlooks the sea and also has a theme park, a casino and a famous golf club.

Pearce Cheng, managing director of Aims, which provides immigration and relocation services, told AFP he was at a party with a client who asked for a rare, high-priced Japanese whiskey.

The agencies also help clients find luxury apartments, hire drivers and send their children to private schools.

It’s not surprising that many of China’s wealthy clients are young, wear trendy designer clothes and often dine together, Cheng said.

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