Secretchina.com reported on October 29 that in addition to the “run” of the wealthy elite fleeing China, ordinary rich people in China and Taiwanese businessmen are also fleeing.

China’s National Development and Reform Commission, the Ministry of Commerce, the Ministry of Transport, and six other ministries and commissions recently jointly issued 15 measures to attract foreign investment. The measures encouraged manufacturing and stabilized foreign business investment after the 20th National Congress of China Communist Party (CCP).

However, according to tbsnews.net, Sam Stovall, a chief investment strategist at CFRA Research in New York, said, “With less and less checks on the power that Xi Jinping now has, investors are worried about what could happen to the economy.”

According to theBl.com, Xi said, “We will keep income distribution and the means of accumulating wealth well-regulated.” 

The paper said that while many wealthy people have sold assets in Wuhan, Beijing, Jiangsu, Zhejiang, and other places, luxury house prices in Shanghai have plummeted by 40%.

There are Taiwanese business people selling hotel businesses in Wuhan and state-owned enterprises buying private ones.

Zhao Ting, an insider in the Shanghai real estate industry, told the station that with the closing of the 20th National Congress, many luxury homeowners no longer have any illusions about the future and decided to sell their houses at a lower price. 

She said, “A lot of luxury houses are 30% to 40% lower than the market price, and they all want to run away, and it’s too late if they don’t sell.”

In a Facebook post, Xie Jinhe, chairman of Caixin Media, said that the wealthy are selling off their assets. 
The paper said that Xie Jinhe believes China’s future will begin to be conservative, and the 20th National Congress of the CCP will only clarify the trend.

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