t","item":{"@type":"Thing","@id":"https://www.thestandard.com.hk/comment"}}]}]17:T79d,

Billionaire investor Mark Mobius says he cannot take his money out of China due to the country's capital controls, cautioning investors to be "very, very careful" about investing in an economy under a tight government grip.

"I have an account with HSBC (0005) in Shanghai," he said. "I can't take my money out. The government is restricting the flow of money out of the country.

"I can't get an explanation of why [this is happening] ... there are all kinds of barriers. They don't say: You can't get your money out. But they say: Give us all the records from 20 years of how you made this money ... This is crazy."

Mobius led emerging market investment at Franklin Templeton Investments for three decades and is known for his bullish view on China. Now, though, he said, he "would be very, very careful" investing in the country.

"The bottom line is that China is moving in a completely different direction than what [former leader] Deng Xiaoping instituted when the country began its economic reforms," he said.

"Now you have a government which is taking golden shares in companies all over China. That means they're becoming more and more control-oriented in the economy."

Mobius, who calls himself "the Indiana Jones of Emerging Market investing," said he's increasing exposure to alternative markets such as India and Brazil.

Mark Mobius is looking at alternative markets. BLOOMBERG

Mobius 'can't get his money' out of China