A legal dispute in a tiny Texas town unexpectedly reveals how Chinese nationals can move money to the U.S. without drawing the attention of authorities in either country.
Jerry Yu has the trappings of what the Chinese call second-generation rich. He boasts a Connecticut prep-school education. He lives in a Manhattan condominium bought for $8 million from Jeffrey R. Immelt, a former General Electric CEO. And he is the majority owner of a bitcoin mine in Texas, acquired last year for more than $6 million. Yu, a 23-year-old student at New York University, has also become — quite unintentionally — a case study in how Chinese nationals can move money from China to the
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