According to a recent report, Billionaire Mark Mobius says he is unable to get money out of HSBC in Shanghai, China. Citing severe capital control by the Chinese government, he added that they are putting all kinds of barriers so he can’t take his money out.
Mark Mobius is unable to withdraw his money from HSBC.
During an interview with Fox Business last week, the founder of Mobius Capital Partners, Mark Mobius, revealed that he is unable to get his money out of HSBC in China. Mobius spent over three decades at Franklin Templeton Investments before starting his venture. In previous years, he served as the executive chairman of Templeton Emerging Markets Group, where he managed more than 50 billion dollars in emerging market portfolios.
Discussing the Chinese economy and problems with government control, he revealed that he is personally affected by it. The billionaire revealed that he has an account with HSBC in Shanghai and is now unable to take his money out. Mobius added that he couldn’t explain why they were doing so with him and now putting all kinds of barriers.
Mobius stated that the bank is not saying, “no, you can’t get your money out”, but instead says give us all the records from the last 20 years of how you made this money. He considered it a great problem.
He proceeded to caution people about investing in China and said that the government is restricting money flow out of the country. He added that he would be cautious about investing in China.
Chinese government taking golden shares in companies all over China.
As you know, Billionaire Mark Mobius says he is unable to get money out of HSBC in Shanghai, China. While discussing the impact of China’s reopening after the zero-covid policy, he opined that the government is now taking golden shares in companies all over China. It means they are going to take control of all of these companies noting that it might happen with major companies like Tencent and Alibaba.
Mobius stressed that he doesn’t think this is a very good picture when the government becomes more control-oriented in the economy. It may not be good for many companies.
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