China Targets Offshore Trusts in Tax Crackdown on Ultra-Rich (1)

Chinese officials are intensifying efforts to tax offshore trusts that hold shares in some Hong Kong-listed companies, clamping down on a structure that the country’s mega-rich have used to invest billions of dollars overseas.

Authorities in provinces and cities including Jiangsu and Shenzhen have demanded the owners of these trusts report detailed financial information including investment gains from dividends and share disposals, according to people familiar with the matter. That follows similar demands on three years of income information that started in Shanghai in early 2025, another person said.

In at least one instance, a local tax bureau sought to ...