Rich CCP Tiongs splashing out on luxury have yet to invest big in Singapore

[SBFNews]

Rich Chinese splashing out on luxury have yet to invest big in Singapore​

TUE, APR 11, 2023 - 08:02 AM

WHEN ultra-wealthy Chinese entrepreneurs started moving to Singapore en masse in 2019, investment firms were salivating at the chance to manage billions in new money. So far, it hasn’t quite happened.

Hedge funds, banks and private equity firms say few of their recent meetings with Chinese tycoons in the city-state have brought in business beyond basic custodian deals, even as the new arrivals spend lavishly on mansions, luxury cars and golf club memberships.

A senior executive at one of Singapore’s largest hedge funds described it as one “big zero”. Another money manager — among the more than 10 interviewed — said none of the handful of inquiries has resulted in fresh funds to manage. They declined to be identified discussing private matters.


Investors “are not coming with a bunch of cash in suitcases”, said Emmanuel Pitsilis, co-head of Asia-Pacific at Partners Capital Investment Group, adding that the new arrivals already have global investments in place so any cash flowing into the country isn’t automatically being deployed to local capital markets.

The relative pittance of new business from super wealthy Chinese emigres is becoming a hot-button topic and possible prelude to social discord as lawmakers seek answers from the government. When tax exemption programmes were changed to attract family offices, part of the pitch was that the new money would boost investments and spark a wave of employment. Instead, Singapore is mostly seeing higher prices for everything from condos to cars.

To be sure, plenty of cash is coming in and family office assets at the city’s banks are on the rise. But money managers say very little of that cash is being invested in funds or private equity firms that would generate the hefty fees needed to create a flood of jobs.

https://www.businesstimes.com.sg/in...hing-out-luxury-have-yet-invest-big-singapore

 

[blackmondy]

These tiong elites are just stewards of CCPee money. When it's time to invade Taiwan, all these money will go to CCPee bank account by force.

 

[laksaboy]

That's because Winnie has put some restrictions on them taking out their dirty money.

 

[eatshitndie]

sinkie “financial advisors” and so called sexperts too immature, insexperienced, and kucin kurak for these ccp whales to trust and thrust. they already have their billion-dollar investments sitting with big wall street hedge fund management firms and sillycon valley securities and vc firms denominated in usd. talking about the irony of tiongs abandoning usd. tiong private wealth says otherwise. in sg, they just register their family offices with a small token of $69m to get residency status plus the benefits that cum with it, such as zero capital gains tax as a sexample. and splurge a few millions which is chump change to them on homes, yachts, supercars, club memberships, luxury watches or anything that is high luxury lifestyle related. sexpect to park billions with wet behind the ears and small time sinkie “fund managers”? no way.

 

[syed putra]

Wot is there to invest in sinkapore? A 2nd tier city by china standards.

 

[laksaboy]

This is a money laundering hub. They bring their money here, wash it clean, then move on to greener pastures.

They might splurge a little on the luxuries but that's all there is to it.

Anyway many HDB flats, condos, roads and MRT stations are being built by the Tiongs, in accordance to the 'build, demolish, rebuild' PAP method of growing the economy.

 

[Giant]

These tiong elites are just stewards of CCPee money. When it's time to invade Taiwan, all these money will go to CCPee bank account by force.