The Chinese Communist Party’s (CCP) draconian COVID measures and economic policies have driven many wealthy Chinese residents to leave or at least plan to leave China. Many wealthy individuals have transferred their assets abroad through overseas investment, property purchases, or offshore trusts, with California and New York being their top destinations.
A large portion of the outflowed Chinese capital appears to have landed in the United States.
Chinese buyers spent, on average, more than $1 million per transaction—the highest average among foreign purchases—up from the $710,400 average from the year before.
California was the top destination for their investments with 31 percent, followed by New York (10 percent), Indiana (7 percent), Florida (7 percent), Oklahoma (5 percent), and Missouri (5 percent).
The report also noted that 58 percent of Chinese buyers made all-cash real estate purchases.
Chinese Financial Disputes Move to New YorkAs funds move overseas, so are the financial disputes between Chinese people and China-based companies.
According to court records viewed by The Epoch Times, many such court filings have been made recently, such as the maritime shipping contract dispute between the White Periwinkle Shipping Company and Chongqing Red Dragonfly Oil Company. The plaintiff, the shipping company, filed the lawsuit in March this year in New York, asking the local judge to recognize and enforce judgments made by Chinese courts.
The reason behind these cross-border debt collection lawsuits is that both the Chinese defendants and the subpoena recipients now live in New York. Many Chinese high-net-worth families have chosen to settle in the megacity—the world’s financial center—after emigrating to the United States. In addition, almost all major banks and financial institutes have branches in New York, making the city a good place to start asset tracking.