According to experts, high-income residents are planning to leave China because of the strict zero-COVID policy. The outflow of the rich will impact the Chinese economy.
Henley & Partners, an investment migration consultancy in London, forecasted that about 10,000 wealthy Chinese will settle overseas to escape the “zero policy.” This would result in an outflow of $48 billion, making China the second-largest country in terms of wealth and brain drain after Russia.
Bloomberg cited a specific case, Hu 胡, a Shanghai restaurant owner, sold two of his high-end restaurants for 20 million yuan ($3 million). He hired an immigration lawyer and a wealth manager to help him move his property out of China.
Scarred by Shanghai’s lockdown, Huang Yimeng, a Shanghai-based billionaire and CEO of a game developer, announced in June 2022 that he would move his family overseas.
The outlet also added that migration consultants and lawyers in China said migration inquiries grew 3 to 5 fold when Shanghai was in lockdown — compared to last year.
After many foreign investments withdrew, millions were spent on COVID testing and pandemic prevention, and the Chinese elite started to relocate their properties outside the mainland, the Chinese economy faced a complicated puzzle.