-- One Hong Kong businessman moved US$10 million to Singapore and plans to transfer more. Another is eyeing London property, worried that prices in Hong Kong are too high. Well-to-do families across the city are opening offshore bank accounts and applying for alternative passports.
Private bankers say their clients accelerated contingency planning efforts after China announced last month it would impose controversial national security laws on Hong Kong. The legislation threatens to erode the former British colony’s judicial independence, provoke sanctions from the U.S. and revive street protests that battered the tourism and retail industries even before the coronavirus outbreak plunged the economy into its deepest recession on record.
Cheng, the businessman who moved US$10 million to Singapore, also secured his permanent resident status in the city-state this year and has been selling his Hong Kong properties. He has no concrete plans to emigrate yet, but is considering his options. He and his family have passports from the U.S., Canada, Australia and France.
“Things are looking bad and deteriorating,” he said. “We may as well pack our bags and move to Australia so that the kids can have a better environment growing up.”
Protest is easy. Building a nation is not. If HKers truly believe in their future, stay and work the grounds constructively. Do works that benefit the community, not cause businesses to close, retrench livelihoods. Ideals are nice to have, but ideals don’t feed the hungry.
That is fine but don’t be organizing no protest here. Peace and order is what we cherish here. Thank u.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong and Singapore to face off over Chinese stock futuresSingapore’s role as a regional equity derivatives trading centre may be curtailed after it lost a major index-licensing deal to Hong Kong. The next battle front will be on China stock futures.
Source: YahooSG - 🏆 3. / 71 Read more »
Hong Kongers sing protest anthem one year after major clashesHONG KONG (AFP) - Thousands of Hong Kongers sang a popular protest anthem and chanted slogans across the city Friday (June 12) as they marked the one year anniversary of major clashes between police and pro-democracy demonstrators.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Protests, pandemic, US-China tensions from national security law: is the party over for Hong Kong?As Hong Kong marks a year since the anti-government movement began, we analyse how key players have fared. This is the sixth article in the series.For four days in a row, an elderly couple turned up at the Rich Bird Currency Exchange in Sham Shui Po, each carrying a backpack filled with old Hong Kong
Source: YahooSG - 🏆 3. / 71 Read more »
Fearful Hong Kongers rush to secure limited British passportsHONG KONG (AFP) - Shortly before Hong Kong was handed back to China, Mr Simon Ng applied for a British National (Overseas) passport, a document he never thought he'd need. Now he is considering whether to use it to emigrate.. Read more at straitstimes.com. Gambling that the grass is greener on the other side. Moving from Political oppression to a xenophobic environment? foo_benjamin If the newcomers don’t have existing connections & lifeline in the UK, life will still be a challenge for them if they were to emigrate now. If you are a law abiding resident, nothing to fear about, right?
Source: The Straits Times - 🏆 8. / 63 Read more »
Hong Kongers sing protest anthem one year after major clashesThousands of Hong Kongers sang a popular protest anthem and chanted slogans across the city Friday as they marked the one year anniversary of ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Hong Kong TVB viewers up in arms over travel programme appearing to promote eating batsKUALA LUMPUR, June 12 — Hong Kong television station TVB has come under fire from its viewers for screening a programme deemed to promote the eating of bats. According to Hong Kong daily Ming Pao,...
Source: YahooSG - 🏆 3. / 71 Read more »