China's super-rich 'in shock' and hunting for cash as Beijing issues surprise tax on offshore trusts

AI Summary

China has imposed an unexpected tax on offshore trusts used by its super-rich to hold assets, causing shock among wealthy individuals and triggering a scramble for legal advice and liquidity. This move signifies Beijing's tightening grip on capital outflows and offshore wealth management structures.

Beijing's move to tax offshore trusts, long used by China's ultra-rich to hold money, has set off a rush to lawyers and a scramble for cash.