American entrepreneurs, who left for China, are now heading home -- disillusioned and looking to start all over, The Wall Street Journal is reporting.
The newspaper noted for years Americans left for China to start tech business, build restaurant chains or manage factories in hopes of making huge sums of money.
But now they are faced with soaring costs, high taxation and regulations that make it tougher. Some are returning to the U.S., while others look for opportunities elsewhere:
- Jack Tung, who was raised near Philadelphia, had the costumes made for Hollywood movies. He’s faced with a six-fold increase in tailoring rates since 2003 and is moving to Thailand.
- An unnamed American dealer got hit when his wealthy clients felt the pinch of currency controls. The dealer is now headed back to California.
- Bob Boyce from Montana started a successful burger chain in China. But tougher regulations and political pressure convinced him to sell it off and move to Seattle.
- Steve Mushero had moved to Shanghai to start a firm utilizing his know-how in cloud computing, but will soon move to California.
“China started to become less clear about what the endgame was for foreigners,” Boyce said.
“It was a time in China if you made some effort, people responded well and you could figure things out.”
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