HONG KONG - Service providers to some of Asia's wealthiest families say they are fielding a rising number of calls about shifting away from Hong Kong, with some already moving money to Singapore-based banks.
"People who aren't in the market already and want to come in, they're having second thoughts," with Singapore seen as a much more business-friendly destination, he added. With financial services accounting for about one-fifth of Hong Kong's GDP, any disruption will have a real impact on the economy, which is already slipping as tourists desert the city and retail sales slump.
"If you're an investor, even a non-local one with Hong Kong structures as a family office, how can you base your future on a system that may not be there as long as you thought it would be?" Mr Krancenblum said."This is a very big problem. Investors, and families, care about stability."
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