In the face of the economic downturn and China’s tough anti-COVID campaign, Chinese wealthy people are scrambling to flee the country, selling their luxury homes in Shanghai and other first-tier cities at steep discounts and cutting their shares in listed companies to cash out.
According to Shanghai property media, since October, local secondhand luxury properties plunged into a wave of listing-for-sale: deals of more than $3.5 million continued to rise, reaching the highest sales in October, with 28 units sold in the week from Oct. 31 to Nov. 6.
