Billionaire investor Mark Mobius told FOX Business he can’t get his money out of China because of the country’s capital controls, warning investors to be “very, very careful” when investing in a tightly watched economy of the government.
“I have an account with HSBC in Shanghai. I can’t withdraw my money. The government is restricting the flow of money out of the country,” Mobius, founder of Mobius Capital Partners, told FOX Business in an interview published on March 2 .
“I can’t get an explanation why they’re doing this… They’re putting up all kinds of barriers. They don’t say, No, you can’t withdraw your money. made that money… This is crazy.”
Mobius’ comments were reported on Chinese social media site WeChat over the weekend.
Mobius has led emerging markets investing at Franklin Templeton Investments for three decades and is known for his optimistic view of China. But now, he said, “I would be very, very careful” about investing in the country.
“The end result is that China is moving in a completely different direction than the one Deng Xiaoping instituted when he launched the grand reform agenda,” he said, referring to the former Chinese leader.
“Now, you have a government that is acquiring ‘gold shares’ in companies all over China. That means they will try to control all these companies… So I don’t think it’s a very positive picture when you see the government becoming more and more control-oriented in the economy”.
Mobius, who calls himself the “Indiana Jones of emerging market investing,” told FOX Business that he is increasing exposure to alternative markets like India and Brazil.
Mobius and HSBC were not reached over the weekend.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
