Feb. 19 (Asia Today) -- Dubai in the United Arab Emirates has emerged as a preferred destination for Chinese emigrants seeking to relocate assets abroad, as Beijing intensifies its anti-corruption campaign, according to sources familiar with China's underground economy.
Beijing-based sources said that until a few years ago, the United States and other Western countries were viewed as primary havens for Chinese officials and wealthy individuals seeking to move funds overseas. South Korea and Singapore were also considered alternative destinations.
However, they said that trend has shifted markedly, with Dubai now seen as more attractive amid tighter financial regulations in the West and stronger scrutiny of cross-border capital flows.
An immigration broker in Beijing, who spoke on condition of anonymity and gave only his surname Yuan, said interest in Dubai has risen sharply in recent years.
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