Could China’s new trust tax pull Pan Shiyi’s wealth into capital flight spotlight?

China’s ultra-rich are finding themselves under greater scrutiny as new tax rules on offshore trusts raise questions over their fortunes, with New York-based property tycoon Pan Shiyi’s Cayman structure cast back into the spotlight. Market watchers said the rules – which impose a flat 20 per cent levy across a trust’s life cycle – were in line with international practices but marked a sharp escalation in the scrutiny of capital flight, with Pan’s case emerging as a touchstone. “Prior legislation...