Pan Shiyi

China’s new trust tax on offshore trusts is intensifying scrutiny of the ultra-rich, with property tycoon Pan Shiyi’s Cayman structure becoming a focal point. The tax imposes a 20% levy across a trust’s life cycle and is seen as a sharp escalation in monitoring capital flight.

The Justice Department is investigating Harvard University over allegations that foreign donations, including from China, may have favored non-American students in financial aid. Harvard denies violating federal civil rights laws, stating it complies with Title VI by not discriminating based on national origin.

The Justice Department is investigating Harvard University over allegations that foreign donations, particularly from China, were used to favor non-American students in financial aid, potentially violating Title VI of the Civil Rights Act. Harvard denies the claims, stating its policies comply with federal law and do not discriminate based on national origin.

Xu Jiayin, founder of collapsed China Evergrande Group, pleaded guilty to eight charges including misuse of funds and fraudulent fundraising, facing potential life imprisonment. The trial has drawn intense public attention on Chinese social media and highlighted systemic issues in China's property sector, with concerns that other complicit individuals may escape unpunished due to high-level connections.