KUALA LUMPUR, July 20 — During Singapore’s economic boom, whisky dealer Manjit Gill sold daily to wealthy mainland Chinese clients, who would sometimes spend up to S$100,000...
KLIA’s Terminal 2 still affected by aftermath of IT outage this morning, tempers flare as long lines spotted
Demand has slowed and prices for high-end condominiums have declined, while sales of Bentleys and Ferraris have plunged., this is because the wealthy are opting for more discreet spending to avoid drawing attention, following the crackdown on money laundering and growing discontent among locals over rising living costs.
One of the money launderers was said to have paid S$150,000 a month for a villa with a rooftop pool and gym, but now with these individuals caught and a 60 per cent tax on residential properties bought by foreigners, the rental market has experienced a substantial decline with larger homes available at lower prices. A villa in River Valley offered for just S$60,000 per month.
Money Laundering Mainland China Ultra Rich Mainland Chinese
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