Four Chinese Tycoons Just Transferred $17 Billion to Trusts

Juan Cooper
Juan Cooper

Four Chinese tycoons transferred more than $17 billion of their wealth into family trusts late last year, underscoring how the rich are scrambling to protect their fortunes from the nation’s newly toughened tax regime.

The latest example came from billionaire Sun Hongbin, chairman of real-estate developer Sunac China Holdings Ltd., who disclosed in a filing in Hong Kong on Jan. 12 that he shifted most of his stake in the company to South Dakota Trust Co. on Dec. 31. Longfor Group Holdings Ltd. Chairwoman Wu Yajun, one of China’s richest women, made a similar move in recent weeks, as did the wealthy magnates behind food distributors Dali Foods Group Co. and Zhou Hei Ya International Holdings Co.

Three of the four Hong Kong-listed companies cited succession planning as the purpose of the transfers. The ownership structures of all four tycoons involve entities in the British Virgin Islands. Representatives at the firms didn’t immediately respond to requests for comment.

The moves come as China’s super rich brace for the possibility of the government going after the wealthy to push through tax cuts for the masses this year. Personal wealth ballooned to an estimated $24 trillion in 2018, making the rich ripe for further scrutiny from tax collectors, and prompting many families to seek refuge via shields such as trusts.

"Offshore trusts may not avoid taxes entirely, but they may to some extent win more tax deferral space for billionaires," said Oscar Liu, chief executive officer at Noah International Holdings (Hong Kong) Ltd., an asset-management service provider.

Still, China’s new tax law doesn’t spell out clearly whether offshore trust assets are taxable, Liu said. Any levies will also depend on various conditions, such as whether trust beneficiaries are tax residents in China, he said.

archive.is/KdIeu
bloomberg.com/news/articles/2019-01-15/four-chinese-tycoons-just-transferred-17-billion-to-trusts

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Other urls found in this thread:

forbes.com/sites/insideasia/2017/02/22/china-capital-flight-migration/
theguardian.com/money/2015/oct/13/half-world-wealth-in-hands-population-inequality-report
metrocosm.com/world-population-split-in-half-map/
businessinsider.com/worlds-biggest-landowners-2011-3
bostonglobe.com/metro/2017/01/18/rich-people-own-much-money-half-world-report-says/y6az3Wtasd5TIf9Q6k3I4K/story.html
commondreams.org/views/2017/06/12/now-just-five-men-own-almost-much-wealth-half-worlds-population
newstatesman.com/global-issues/2011/03/land-queen-world-australia

Jaxon Wilson
Jaxon Wilson

Personal wealth ballooned to an estimated $24 trillion in 2018

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Eli Bennett
Eli Bennett

So this is the power of Jinpingist Thought…

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Cooper Torres
Cooper Torres

Where's Mao when we need him

Robert Jones
Robert Jones

bumping so Sinofags will have to see this

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Hudson Nguyen
Hudson Nguyen

If Xi doesn't kidnap them and brainwash them into doing his bidding, then he's officially a cuck.
How the fuck does he intend to compete against the US while being sabotaged by his own porkies?

Cameron Hall
Cameron Hall

Based and Dengpilled

Jonathan Lewis
Jonathan Lewis

communism is when you have state capitalism and the more state Capitalism it is the more baboonistic it is

Joshua Moore
Joshua Moore

Why China Lost About $3.8 Trillion To Capital Flight In The Last Decade
forbes.com/sites/insideasia/2017/02/22/china-capital-flight-migration/

Although effective head of state, xi is indeed a cuckold.

Ethan Peterson
Ethan Peterson

cute

But seriously the reason they're doing this is because there's going to be more taxes on the rich so I don't see a reason for attacking China on this one.

Connor Bell
Connor Bell

the reason they're doing this is because there's going to be more taxes on the rich so I don't see a reason for attacking China on this one.

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Eli Lewis
Eli Lewis

Does anyone expect Xi to go after any of these tax evaders? He'll just go after some ripe and dormant middle-level bureaucrat and have the state media distract the masses with those low-hanging-fruit public tax trials.

So, this is the power of the Dengist…

Jonathan Sanchez
Jonathan Sanchez

This is all so fucked. What is the point of planting cotton seeds on the moon if porky is ruining your economy…

Bentley Hall
Bentley Hall

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Blake Moore
Blake Moore

The seeds froze anyway. Lol.

Michael Cox
Michael Cox

JUST

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Tyler White
Tyler White

A. It is clearly stated even in the article that this is the result of the PRC placing further restrictions on the National-Capitalist class

B. This does not go against the fundamentals of China's Socialist economy

Ethan Hernandez
Ethan Hernandez

The more interesting part about this thread is that it's a litmus test to see how China reacts.

Parker Ortiz
Parker Ortiz

China's Socialist economy
Ah yes, Chinese Socialism, where people can be billionaire owner of companies that employ wage slaves.

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Noah Murphy
Noah Murphy

Trusts are a good thing for Chinese socialism, it simply means that the socialization of production is ever expanding as the dialectic accelerates. Soon, as consolidation continues the capitalist will be rendered superfluous and you will see that Deng was right

Colton Butler
Colton Butler

We're on the dawn of a brave era where the problem is exactly the same but this time they're Chinese.

China needs to begin liquidating their managerial assets iykwim (they won't)

Tyler Price
Tyler Price

A Socialist economy need not lack a National-Capitalist class for the development of the economy
Many other Socialist states like Cuba Hungary Vietnam Laos DPRK etc have also employed these models

Socialism Dosent mean "The abolishment of all private enterprise immediately" as Socialism is simply a transitional stage towards communism
There is no one size fits all Socialist economy that all socialist nations can implement

China's Socialist economy succeeds as it continues to help the nation develop productive forces and technologies and raise the standard of living of the population and progress towards communism

Bentley Brooks
Bentley Brooks

China goes after tax-evaders
Porky decides to act in their rational self-interest
Somehow this BTFOs China

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Austin Thompson
Austin Thompson

all that Chinese surplus labor is going to flow into foreign real estate markets

Michael Carter
Michael Carter

I worked for a bank in the Cayman Islands, lowly, filing job. You'd be surprised how much money goes into these trusts from all over the world. Like the royal family of Bahrain had hundreds of millions in various trusts owned by family members. You'd also be surprised how much of this money is literally forgotten by people who put it there. Imagine forgetting you had an account in the Cayman Islands with $20-30 Million in it. After 10 years without being touched the forgotten money goes to the Cayman Islands government.

People laugh when I tell them that there is a world, parallel to ours, inhabiting the same space, but inhabited by people unlike us. For rich people (the really rich) borders and nations don't mean a thing. They have money in every major financial centre, they can easily up and move to a different country and any country would love to have them because they would spend millions on property and businesses to satisfy the requirement for fast track citizenship/residency. These people have control over sums of money that dwarf the GDP of a lot of countries. I've been to these people's yachts, with marble floors and water taps in the bathroom made from solid gold. They have so much money they literally, literally don't know what to do with it. They have more than they could spend in a lifetime. And trust me, they are trying.

People read headlines like these and are unmoved:
theguardian.com/money/2015/oct/13/half-world-wealth-in-hands-population-inequality-report

metrocosm.com/world-population-split-in-half-map/

businessinsider.com/worlds-biggest-landowners-2011-3

bostonglobe.com/metro/2017/01/18/rich-people-own-much-money-half-world-report-says/y6az3Wtasd5TIf9Q6k3I4K/story.html

commondreams.org/views/2017/06/12/now-just-five-men-own-almost-much-wealth-half-worlds-population

newstatesman.com/global-issues/2011/03/land-queen-world-australia

Austin Fisher
Austin Fisher

when currency is created by governments in the first place but they do absolutely nothing to stop its misappropriation

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Robert Price
Robert Price

Look up "visa investor plus new zealand". Millionaires afraid of WWIII are investing 7 million USD to obtain visas in NZ. I had to help two clients obtain such visas while working in a german law firm

Robert Ward
Robert Ward

There used to be a Kiwi that posted here and he promised he would welcome them with open arms.

Xavier Phillips
Xavier Phillips

marauding warbands of commie /k/iwis riding sheep, tearing into billionaire bunkers with trained keas
Glorious

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