Chinas Wealthy Exit Offshore Trusts Ahead of Tax Deadline
Wealthy Chinese individuals are unwinding offshore trusts and selling shares to meet an impending tax deadline. Beijing has ordered stricter enforcement on overseas income as fiscal strains grow.
China's wealthy individuals are winding down offshore trusts and selling shares ahead of an October 22 deadline to declare overseas income. The crackdown targets capital outflows as the world's second-largest economy grapples with persistent domestic demand weakness. Founders of Hong Kong- and United States-listed firms face liabilities ranging from millions to billions of yuan.
