March 5, 2023
SHANGHAI, March 5 (Reuters) - Billionaire investor Mark Mobius
told FOX Business he cannot take his money out of China due to the country's
capital controls, cautioning investors to be "very, very careful"
about investing in an economy under a tight government grip.
"I have an account with HSBC in Shanghai. I can't take my
money out. The government is restricting 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 of why they're doing this ...
They're putting all kinds of barriers. They don't say: No, you can't get your
money out. But they say: give us all the records from 20 years of how you made
this money ... This is crazy."
Mobius' comments were circulated on Chinese social media site
WeChat at the weekend.
Mobius led emerging market investment at Franklin Templeton
Investments for three decades and is known for his bullish view on China. Now,
though, he said, he "would be very, very careful" investing in the
country.
"The bottom line is that China is moving in a completely
different direction than what Deng Xiaoping instituted when they started the
big reform program," he said, referring to the former Chinese leader.
"Now you have a government which is taking golden shares in
companies all over China. That means they're going to try to control all of
these companies ... So I don't think it's a very good 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 he's increasing exposure to
alternative markets such as India and Brazil.
Mobius and HSBC could not be reached at the weekend.
Reporting by Shanghai newsroom; Editing by Tom Hogue
https://www.reuters.com/markets/billionaire-investor-mark-mobius-says-he-cannot-take-money-out-china-fox-2023-03-05/
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