Jan
15
Four Chinese Tycoons Just Transferred $17 Billion to Trusts
By-
Sunac chair transfers $4.5 billion to trust on New Year’s Eve
- China’s rich rush to protect their wealth as taxes loom
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 move in recent weeks, as did the wealthy magnates behind food distributors Dali Foods Group Co. and Zhou Hei Ya International Holdings Co…
