Wealthy Chinese Rush to Move Billions Abroad Amid Economic Slowdown, Tighter Controls
• Wealthy Chinese smuggling billions out of country by purchasing gold bars and foreign property, storing money in overseas bank accounts • Outflow driven by fears over China's slowing economy and tighter business controls under President Xi • Chinese buyers now dominate luxury property markets in cities like Tokyo, London, New York • Some bypassing China's tight capital controls by sneaking out gold or using Hong Kong banks and insurance products • $50 billion flowing out monthly, starting to weakly Chinese currency, concerning government