Hong Kong’s financial sector faces talent crunch as expats head for the exit

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Singapore, which is Hong Kong's rival Asian hub, is the main beneficiary of the trend.

FILE PHOTO: A ferry boat crosses Victoria Harbour during sunset in Hong KongHONG KONG - Late last year, Tania Sibree quit her well-paid job as a financial services lawyer in Hong Kong and returned to Australia rather than live a moment longer with the city's strict coronavirus restrictions.

It has had stiff quarantines in place for two years, and last year introduced some of the strictest entry rules in the world, allowing only residents to return to the city and mandatory hotel quarantine of up to three weeks for arrivals from most countries, regardless of vaccination status, paid for by the travellers themselves.

Hong Kong's government has played down any looming talent crunch. It said fighting the coronavirus was its top priority, for the good of the whole city, and that it was investing in talent to counter any loss of expertise or any damage to its status as a global financial hub. "The only people willing to do it are the international or very senior executives or very young people without families," he told Reuters. "When you look at the city, the financial services talent pool is definitely getting smaller."

 

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