The Chinese Communist Party (CCP) prohibits senior officials to own property abroad or shares in foreign organizations, reports The Wall Street Journal with reference to sources.
According to the CPC, the party elites want foreign assets in the light of the Western sanctions against Russia. According to the internal directive of the Chinese Communist Party, it is forbidden to open accounts in foreign financial institutions if they have no reasonable reasons such as study or work for this. Their spouses and children are also prohibited directly or indirectly to own real estate abroad or shares in organizations registered abroad. Officials must sign an application for compliance with new rules.
It is not specified whether these rules are applied retroactively to those who have already owned assets abroad. Sources of the publication said that family members of some senior officials have already sold shares of foreign companies to meet new requirements.