China's billionaires are now fleeing to Singapore to save their wealth. China's ultra-rich families are coming to Singapore in large numbers to save their wealth. He is trying to protect his wealth from the Communist Party, which views him with suspicion. China has recently investigated the billionaires of the tech sector. Apart from this, due to the zero covid policy for three years, many Chinese billionaires are also looking for a safe place.
People in China fear about their wealth
According to the report of AFP, people in China are apprehensive about their wealth. Some very rich people of the country have booked tickets for Singapore. Singapore's laws are good enough for billionaires to live in. Singapore has been ruled by one party for the past six decades. Labor strikes and demonstrations are banned in the country called the financial hub of Asia. Taxes are comparatively low and the population are basically Chinese.
Recently many Chinese people have been seen coming to Singapore. Some people have bought luxury homes with waterfront views on Sentosa Island. This house includes a theme park, a casino and a famous golf club.
Rich people of China live amidst all the luxury
According to the report, Pearce Cheng, CEO of AIMS, a company providing immigration and relocation services, said that you cannot imagine, in what way they spend money. This is surprising. He recalled a client's party where Japanese "Yamazaki 55" whiskey worth about $800,000 was served. His company once bought a cigar worth $61,000. Chinese visitors to Singapore are often seen at luxury golf clubs, such as Sentosa Golf Club, where foreign members pay up to $670,000 annually.
Benny Teo, managing director of golf consultancy Blazon, said many of these people are young Chinese, who wear trendy designer clothes. And usually live and have dinner among their own people, which is not surprising.
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