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Wealthy Chinese ramp up efforts to shift fortunes overseas

Singapore the big winner from Beijing's inequality and COVID policies

Wealthy mainland Chinese are choosing Singapore as a safe haven to park their wealth. (Source photos by AP)    © AP

HONG KONG -- In the aftermath of draconian COVID-19 curbs, China's rich are stepping up efforts to shift their fortunes offshore, a move also spurred by fears that Beijing's drive to narrow wealth inequality could adversely impact them.

Singapore is emerging as a hot spot for these Chinese funds as Beijing tightens its grip on Hong Kong and challenges the international financial hub's long-held reputation as a safe haven to park assets.

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