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Were Moving To New Facilities
December 10, 2018
EPF dividend of 5% possible, 6% may be difficult.
February 25, 2019Four Chinese Tycoons Just Transferred $17 Billion to Trusts
Four Chinese tycoons transferred more than $17 billion of their wealth into family trusts late last year, underscoring how the rich are scrambling to protect their fortunes from the nation’s newly toughened tax regime
The latest example came from billionaire Sun Hongbin, chairman of real-estate developer Sunac China Holdings Ltd., who disclosed in a filing in Hong Kong on Jan. 12 that he shifted most of his stake in the company to South Dakota Trust Co. on Dec. 31. Longfor Group Holdings Ltd.Chairwoman Wu Yajun, one of China’s richest women, made a similar movein recent weeks, as did the wealthy magnates behind food distributors Dali Foods Group Co. and Zhou Hei Ya International Holdings Co.
Three of the four Hong Kong-listed companies cited succession planning as the purpose of the transfers. The ownership structures of all four tycoons involve entities in the British Virgin Islands. Representatives at the firms didn’t immediately respond to requests for comment.
The moves come as China’s super rich brace for the possibility of the government going after the wealthy to push through tax cuts for the masses this year. Personal wealth ballooned to an estimated $24 trillion in 2018, making the rich ripe for further scrutiny from tax collectors, and prompting many families to seek refuge via shields such as trusts.
Offshore trusts may not avoid taxes entirely, but they may to some extent win more tax deferral space for billionaires,” said Oscar Liu, chief executive officer at Noah International Holdings (Hong Kong) Ltd., an asset-management service provider.
Read Full article at :
https://www.bloomberg.com/news/articles/2019-01-15/four-chinese-tycoons-just-transferred-17-billion-to-trusts
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Were Moving To New Facilities
December 10, 2018EPF dividend of 5% possible, 6% may be difficult.
February 25, 2019Four Chinese Tycoons Just Transferred $17 Billion to Trusts
Four Chinese tycoons transferred more than $17 billion of their wealth into family trusts late last year, underscoring how the rich are scrambling to protect their fortunes from the nation’s newly toughened tax regime
The latest example came from billionaire Sun Hongbin, chairman of real-estate developer Sunac China Holdings Ltd., who disclosed in a filing in Hong Kong on Jan. 12 that he shifted most of his stake in the company to South Dakota Trust Co. on Dec. 31. Longfor Group Holdings Ltd.Chairwoman Wu Yajun, one of China’s richest women, made a similar movein recent weeks, as did the wealthy magnates behind food distributors Dali Foods Group Co. and Zhou Hei Ya International Holdings Co.
Three of the four Hong Kong-listed companies cited succession planning as the purpose of the transfers. The ownership structures of all four tycoons involve entities in the British Virgin Islands. Representatives at the firms didn’t immediately respond to requests for comment.
The moves come as China’s super rich brace for the possibility of the government going after the wealthy to push through tax cuts for the masses this year. Personal wealth ballooned to an estimated $24 trillion in 2018, making the rich ripe for further scrutiny from tax collectors, and prompting many families to seek refuge via shields such as trusts.
Offshore trusts may not avoid taxes entirely, but they may to some extent win more tax deferral space for billionaires,” said Oscar Liu, chief executive officer at Noah International Holdings (Hong Kong) Ltd., an asset-management service provider.
Read Full article at :
https://www.bloomberg.com/news/articles/2019-01-15/four-chinese-tycoons-just-transferred-17-billion-to-trusts
