Billionaire Mark Mobius, founder of Mobius Capital Partners, says he can’t get his money out of HSBC in Shanghai, China. Citing the Chinese government’s harsh control of capital, he stressed: “It’s crazy… They’re putting up all kinds of barriers.”
Mark Mobius has trouble getting his money out of HSBC in China
Mobius Capital Partners founder Mark Mobius revealed that he cannot take his money out of HBSC in China during an interview with Fox Business last week. Mobius spent more than three decades at Franklin Templeton Investments before starting his own company. He previously served as CEO of Templeton Emerging Markets Group, where he managed more than $50 billion in emerging markets portfolios.
Speaking about the Chinese economy and problems with government control, the billionaire revealed:
I am personally affected. I have an account at HSBC in Shanghai and I can’t get my money out… I can’t get an explanation why they are doing this. It’s just amazing. They are putting up all kinds of barriers.
“They don’t say, ‘no, you can’t get your money out.’ But (they say) give us all the records of 20 years of how you earned this money and so on,” Mobius detailed. “This is crazy,” he exclaimed, stressing that this problem is “significant.”
He proceeded to warn against investing in China, stating: “The government is restricting the flow of money out of the country… So I would be very, very careful when investing in China.” Instead of investing in China, he explained: “What we’re doing is going into Hong Kong, which seems to be a little more open and able to get money in and out… Putting money in China, I think you have to be very, Very careful.”
Speaking about the impact of China reopening after lifting its zero-covid policy, the Mobius Capital founder opined: “Now you have a government that is taking gold shares in companies all over China.” He warned: “That means they are going to try to control all these companies,” noting that it has already happened to Tencent and Alibaba.
Möbius emphasized:
I don’t think it’s a very good picture when you see the government becoming more and more control oriented in the economy.
“The bottom line is that China is moving in a completely different direction than the one Deng Xiaoping instituted when they started the great reform program,” Mobius said, referring to the Chinese leader who served from December 1978 to November 1989.
Commenting on the billionaire’s trouble getting his money out of HSBC in China, bitcoin supporters were quick to point out on social media that BTC can solve this kind of problem. However, Mobius has long been a bitcoin and crypto skeptic. In November of last year, he predicted that the price of BTCwhich currently stands at $22,508, will drop to $10,000. He also said that cryptocurrencies are “too dangerous” to invest in, advising investors not to view them as a means of investing, but rather “a means of speculating.” and have fun”.
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