A billionaire investor is urging caution about investing in China, warning that he has been prevented from accessing his money because of Beijing’s strict capital controls.
According to Mark Mobius, the founder of Mobius Capital Partners, the Chinese government has taken “very significant” action to prevent him from withdrawing capital from Chinese equities since his HSBC account is situated in Shanghai.
“I can’t get an explanation of why they’re doing this. It’s just amazing. They’re putting all kinds of barriers,” Mobius told the Fox Business Network on Thursday. “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’ve made this money,’ and so forth. It’s crazy.”…