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Exodus of Wealthy Chinese Accelerates With End of Covid Zero

  • China could face at least $150 billion capital flight: Natixis
  • Resumption of travel opens gates for China’s wealthy to leave
Bloomberg business news
WATCH: A growing number of wealthy Chinese people are looking at ways to take out their money as the border reopens. Denise Wee reports.Source: Bloomberg

President Xi Jinping’s decision to dismantle Covid travel restrictions is accelerating an exodus by wealthy Chinese, who could fuel billions in capital outflows as they plow cash into property and assets abroad.

Since the end of Covid Zero in December, many rich Chinese have begun traveling overseas to check out real estate or firm up plans to emigrate, immigration consultants said in interviews. That’s threatening a brain drain in the world’s second-largest economy as well as outflows that could pressure its financial markets.