The richest members of Chinese society are moving their money out of the country, either by purchasing apartments overseas or by moving their money into foreign banks, The New York Times reported.
China recently ended the precautions put in place during the COVID-19 pandemic that saw the country shut its borders for almost three years. Since then, the most affluent Chinese have begun buying apartments in Japan and moving their money into American and European banks, which provide higher interest rates than those in China.
Zhao Jie, who heads Shenjumiaosuan, an online real estate listing service based in Tokyo, told the Times that Chinese buyers are now the top buyers of apartments in the city, many of which cost upwards of $3 million, and noted that these transactions often involve suitcases full of money.
"It's really hard work to count this kind of cash," he said, adding that prior to the pandemic, most Chinese apartment purchases in Tokyo were small, studio apartments costing about $330,000 or less that they would rent out. Now, Chinese buyers are looking to get larger units and investment visas so they can bring their families over from China.
The Times notes that China has lost an estimated $50 billion over the last year to families and companies moving their money out of the country via investments and foreign banks.
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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