Affluent Chinese have moved hundreds of billions of dollars out of the country this year, seizing on the end of Covid precautions that had almost completely sealed China's borders for nearly three years. They are using their savings to buy overseas apartments, stocks and insurance policies.
The outbound shift of money in part indicates unease inside China about the sputtering recovery after the pandemic as well as deeper problems, like an alarming slowdown in real estate, the main storehouse of wealth for families.
Chinese have emerged as the main buyers of Tokyo apartments costing $3 million or more, and they often pay with suitcases of cash, said Zhao Jie, the chief executive of Shenjumiaosuan, an online real estate listing service in Tokyo. It's really hard work to count this kind of cash.
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