Xi’s crackdown on wealth inequality has luxury investors scared ...Middle East

Quartz - Economy
Xi’s crackdown on wealth inequality has luxury investors scared
source : Quartz ( Middle East ) () 14
On Aug. 17, Chinese president Xi Jinping took aim at China’s ultra-rich during a meeting of the Chinese Communist Party’s Central Committee for Financial and Economic Affairs. He emphasized the need for “common prosperity” while promoting development, moving the committee to outline a plan to regulate and redistribute excessive wealth.As reports of the meeting emerged the next day, they sent a shudder through luxury investors. From Aug. 18 into Aug. 19, a selloff sent stocks plunging, wiping out billions in market value across companies including LVMH (owner of Louis Vuitton and Dior), Kering (Gucci and Saint Laurent), Richemont (Cartier and Van Cleef & Arpels), Prada, Hermès, and Moncler.ht

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