Saturday, November 26, 2022

Taiwanese Businesses Rushing to Sell Assets and Flee China

Washington, DC – After Xi Jinping was re-elected as the General Secretary for three consecutive terms, Taiwanese businesspersons in mainland China have become pessimistic about the future, and many business families have started fleeing the country, repotted the British “Financial Times.”

According to the Taiwan Investment in China Victims Association, many wealthy Taiwanese business people in mainland China have already left, and more are rushing to sell their assets to run away as soon as possible.

In view of Xi Jinping’s exceptional return to the Mao era as the General Secretary of the Communist Party of China for three consecutive terms, Taiwanese businesses in mainland China have become pessimistic about the future, and many business families have started fleeing the country, reported the British “Financial Times.” Taiwan Investment in China Victims Association revealed that many wealthy Taiwanese businesspersons in mainland China have already left, and more are rushing to sell their assets to run away as soon as possible. In Shanghai, Beijing, Wuhan, Jiangsu, Zhejiang, and other places, a large number of wealthy Taiwanese people sold their assets. Shanghai luxury homes plummeted by 40 percent, and Taiwanese businesspersons rushed to sell assets to cash out.

The Taiwanese fear that the Chinese Communist Party China (CCP) will return to the dictatorship of the Mao era. In a recent speech, Xi Jinping asked the party to stand firm and “solidly promote common prosperity” – that this is like going back to the Mao era and hitting the wealthy. Like during the Cultural Revolution, almost everyone in China could not escape, and in the end, the rich would be liquidated. If the wealthy Taiwanese businesspersons in China do not escape, under the pressure of “common prosperity,” their property must be handed over obediently, and their personal freedom may also be lost. That is why the rich sell their houses cheaply; they must find a way to leave China. If they don’t go now, they won’t be able to leave, is the mood among them, the report says.

In a post on Facebook, Taiwan Caixin Media Chairman Xie Jinhe said, “making money depends on wisdom, but also with action” after the 20th National Congress of the Communist Party of China, the wealthy Taiwanese businessmen in China rushed to sell their assets. It was too late to seek cover when they heard the sound of gunfire. Investment and financial management must be one step ahead of others with knowledge and vision.

During Xi Jinping’s regime, several high-end selling out of Chinese assets took place in the past ten years. Examples include Li Ka-Shing, the richest man in Hong Kong; Yang Zhengda, founder of Tutor ABC parent group; Yin Yanliang, President of Taiwan Runtai Group, and Lin Shiting, a Taiwanese businessman from the apparel industry, Taiwanese businessman Hsu Fu Chi, who produces candy, and many others.

In his report to the 20th National Congress of the Communist Party of China, Xi Jinping reiterated that Beijing strives for “peaceful reunification” with democratic Taiwan but never promises to renounce the use of force. Taiwan rejects “unification” by the CCP because the CCP has ruled mainland China for more than 70 years and has not even established a system of the rule of law. Without the rule of law, China would not be able to embark on democracy, and even democracy would not be able to talk about “unification.” Therefore, most Taiwanese refuse to be “unified” by the CCP.

Author profile
Pia Sherman

Pia Sherman is a freelance writer. Views expressed are solely of the author.

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