China’s financial and political elite are continuing to hold assets overseas in the wake of the Panama Papers revelations, with relatives of President Xi Jinping still owning millions of dollars’ worth of property in Hong Kong, recent reports have indicated.
Hong Kong’s Apple Daily newspaper on Wednesday ran an expose of a luxury property owned by Zhang Yannan, the same name as the president’s niece. The property’s existence had been reported by Bloomberg and The New York Times in 2014, as part of a story detailing widespread disinvestments by Xi’s family since he became president in 2013.
The Apple Daily said relatives of former president Hu Jintao, former Beijing mayor Jia Qinglin, and serving Politburo member Li Zhanshu all remain invested in luxury accommodation in the city.
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