Rich Chinese step up hunt for foreign investment bets to mitigate risks at home

HONG KONG : Wealthy Chinese individuals are paring holdings of local securities and are increasingly looking at assets in the United States and elsewhere overseas - a trend that is set to gather pace in 2023, fund managers and industry sources said.

Rich Chinese are also fretting about Xi Jinping's"common prosperity" drive to reduce income inequality, asset managers said, adding that they are looking at overseas private equity and property investment opportunities in countries like the United States and Japan. The Boston-based asset manager has been receiving many queries from Greater China family offices to learn about U.S. economic policies and investment rules, he said.

A managing partner at a separate Chinese family office with more than $1 billion under management said his firm was spending"a significant amount of time" studying money managers and investment opportunities in Japan and the United States, while also keeping an eye out for opportunities tied to China's reopening.Underscoring the heightened interest, the U.S.

There goes Xi’s common prosperity drive.

Seems important👀

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