China's rich skirting Hong Kong to seek asset safety elsewhere

HONG KONG - Rich Chinese are expected to park fewer funds in Hong Kong on worries that Beijing’s proposed national security law for the city could allow mainland authorities to track and seize their wealth, bankers and other industry sources said.

The city has benefited from its proximity to China and separate legal system, as well as its dollar-pegged currency, but there are now worries about it losing its edge as a global financial centre due to capital and talent flight. “Singapore has been on their radar for a while now, but Hong Kong has been the default booking centre for them,” said the Singapore-based banker, who, like his industry colleagues, declined to be identified due to sensitivity of the matter.

In another example, the founder of a Hong Kong-based boutique wealth manager focused on helping Chinese clients set up family offices said his firm was in partnership talks with two Dubai-based banks after receiving inquiries about setting up investment vehicles there. A planned law last year that would have allowed extradition to China from Hong Kong was shelved after months of increasingly violent protests, but it sent shivers through the city’s wealthy who feared Beijing could have used it to freeze assets. Some went so far as to move funds.

sumeet_chat Reuters you are such a drama queen. Using a inappropriate picture to tell a bullshit story. Ppl with money dont behave this way.

sumeet_chat Yes that is generally how class protects people from any consequences.

sumeet_chat Interesting

sumeet_chat

sumeet_chat Which countries r ready to accept Hong Kong refugees?

China CCP threatens the rich send their assets back to China. Don’t worry! They don’t need seek a heaven. The hell is waiting them.

Of coz they are leaving. Money can't buy you Freedom. To CCP/ China gov, if they need you, you can be our friendly ally. But when they get bored, you are foreign spy sent to subvert China. Trust China? Hell NO!! NationalSecurityLaw HongKongProtests chinazi CCP_is_terrorist

China is destroying Hong Kong, and the magic that WENT with it. The magic is dead, the carcass floating in Hong Kong Bay for the world to see.

United States is America is the safest place

The living conditions of black Americans. You don't care.

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