In recent years, it has gradually become a trend for Chinese rich to move to Singapore, and even more and more Chinese rich are transferring assets by setting up family offices in Singapore. In the global billionaire list released by Forbes, the leading US financial media, four of the top ten richest people in Singapore are new immigrants from China. At the age of 71, he moved to Singapore from China. Li Xiting, the co-founder and chairman of Mindray Medical, is even the top ten richest person in Singapore.
According to Lianhe Zaobao in early June, a buyer from Fujian, China bought 20 luxury apartments in Singapore in one go, with a total transaction value estimated to exceed S$85 million (equivalent to approximately NT$1.8 billion). The buyer may also be preparing to buy 10 more luxury apartments, bringing the total transaction value to more than 100 million Singapore dollars (equivalent to about NT$2.1 billion), and this big deal from the same buyer has once again attracted Singapore’s attention to China’s richest people. Investing in real estate.
“CNBC” reported in March that some Singapore companies are helping wealthy Chinese transfer assets through family offices. Singapore-based accounting and corporate services said it had doubled in the past 12 months in inquiries to set up family offices, mostly from Chinese or immigrants from China to other parts of the world. The company revealed that about 50 clients have opened local family offices, each with at least $10 million in assets.
The report believes that since the turmoil in Hong Kong began in 2019, China’s richest people have begun to look for safe places for their large assets, and Singapore is seen as the best choice. In fact, this trend started to accelerate with last year’s Chinese government rectifying the education and training industry and proposing a “common prosperity” policy.
In fact, Singapore has been a popular immigration destination for Chinese billionaires for many years, but in recent years it has gradually become the most high-profile destination. For example, the “2015 China Investment Immigration White Paper” released by Hurun Report and Huijia Consulting Group in 2015 shows that among the top 10 cities for immigration that year, American cities accounted for half of the seats, while Singapore’s capital ranked 10th. . In the future, the exodus of China’s richest people will only become more prominent, which also means that the richest lists around the world will probably be reshuffled.