The founder of the US investment company Mobius Capital Partners, Mark Mobius, advised his colleagues to be “very, very careful” when investing money in China. The billionaire said that local authorities prevent capital from leaving the country.
On FOX Business, Mobius said he was unable to withdraw funds from his HSBC bank account in Shanghai. According to the investor, the Chinese authorities restrict the withdrawal of foreign money without explanation.
“They put up all kinds of barriers. They don’t say, “No, you can’t withdraw your money.” But they say: “Give us all the records for 20 years, how did you make this money.” This is crazy,” Mobius said.
The businessman is sure that China “is moving in a completely different direction than the one established” by the former head of the country, Deng Xiaoping, who initiated economic reforms in the People’s Republic of China.
The founder of Mobius Capital Partners said that the Chinese government “is increasingly oriented to control the economy.” The investor also talked about expanding his presence in the alternative markets of India and Brazil.
Author:
Ahmed Sadulayev
Source: RB
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