Billionaire investor Mark Mobius says he can’t get money out of China -FOX Business

SHANGHAI, March 5 (Reuters) – Billionaire investor Mark Mobius told FOX Business he can’t get his money out of China because of the country’s capital controls. .

“I have an account with HSBC in Shanghai. I can’t get my money out. 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 March 2. .

“I can’t get an explanation why they’re doing this… They’re putting up all kinds of barriers. They’re not saying, no, you can’t get your money out. But they’re saying, give us all the 20-year records of how you made this money … This is awesome.

Mobius’ comments were circulated over the weekend on Chinese social media site WeChat.

Mobius led emerging markets investing at Franklin Templeton Investments for three decades and is known for his optimistic view of China. But now, he said, he would invest “very, very carefully” in the country.

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“The bottom line is that China is moving in a very different direction than Deng Xiaoping set when they embarked on the major reform program,” he said, referring to the former Chinese leader.

“Now you have a government taking gold shares in companies all over China. That means they’re going to try to control all these companies… So I don’t think it’s a very good picture when you see the government getting more and more control- oriented in economics.”

Mobius, which calls itself “the Indiana Jones of emerging market investing,” told FOX Business that it is increasing exposure to alternative markets such as India and Brazil.

Mobius and HSBC were not available over the weekend.

Reporting by the Shanghai newsroom; Edited by Tom Hogue

Our Standards: The Thomson Reuters Principles of Trust.

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