The Evergrande real-estate crash saw investor lose over $81 billion in investment and downpayment on housing units. Meanwhile, China’s CSI 300 stock market index also fell 11.8% in 2023.
Almost everyday, we see mainland investors coming into this market. China’s economic downturn has made investment on the mainland risky, uncertain and disappointing, so people are looking to allocate assets offshore. – a senior executive of a Hong Kong-based cryptocurrency exchange.
China Citizens are Finding Ways around the Ban
According to Reuters, Chinese citizens are using bank cards issued by small-scale commercial banks to buy crypto through grey-market dealers, believing that crypto is “safer than investing in crumbling…
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