HK Billionaires Are Fleeing and Those in China Have Had Their Wealth Slashed by Tens of Billions of Dollars
Following the 20th National Congress of the Communist Party, Chinese stocks immediately witnessed a round of plummeting in value. Together with this deep drop in stock prices is a similar depletion of the wealth of China’s richest. According to statistics, the wealth of China’s richest people was slashed by a staggering US$35 billion in one day. A columnist said this reflects the market’s concerns about the “regulatory wealth accumulation mechanism” proposed during the 20th National Congress of the Communist Party of China. A columnist said that as the idea of “state enterprises to grow and private businesses to retreat” is likely to persist, more and more billionaires will continue to flee China before it is too late….