Chinese tycoons shift $17bn to family trusts amid tax raid

Four Chinese tycoons transferred more than $17bn of their wealth into family trusts late last year, an indication that many of China's wealthy are looking for ways to preserve their fortunes amid tightening tax policies. Sunac China Holdings chairman Sun Hongbin, Longfor Group Holdings chairwoman Wu Yajun, Zhou Hei Ya International Holdings owner Tang Jianfang, and Dali Foods Group chair Xu Shihui are said to have shifted a huge part of their shareholdings to their respective trust entities by the end of 2018, Bloomberg reports. The ownership structures of all four tycoons involve entiti...