Gone are the days when the property and stock markets yielded guaranteed gains in China, leading to middle-class investors becoming more risk-averse with their hard-earned savings and familial wealth.
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Wang Xiaokun, the founder and chairman of Cha Panda, has joined the world’s billionaire ranks after a recent funding round valued his Chinese tea chain at $2.1 billion.
Expectations of weak economic prospects over the coming few years, along with fears of Western sanctions, have rich Chinese looking for a safe place to park their cash.
Ma Xiaohe, the former head of a government think tank, believes that China’s ‘wealth accumulation mechanism is very fragile’ amid the recent common prosperity drive following last month’s 20th party congress.