HONG KONG - Some Hong Kong tycoons have started moving personal wealth offshore as concern deepens over a local government plan to allow extraditions of suspects to face trial in China for the first time, according to financial advisers, bankers and lawyers familiar with such transactions.
Hong Kong and Singapore compete fiercely to be considered Asia’s premier financial center. The riches held by Hong Kong’s tycoons have until now made the city the larger base for private wealth, boasting 853 individuals worth more than $100 million - just over double the number in Singapore - according to a 2018 report from Credit Suisse.
Professor Simon Young, of the University of Hong Kong’s law school, told Reuters that it was understandable that some Hong Kong residents might be considering moving assets out of the city given the little-noticed financial reach of the bill. A Hong Kong government spokesman did not directly address Reuters’ questions over capital flight, but said Hong Kong’s “world class financial infrastructure” and open, international market had a regulatory regime “completely compatible with that of overseas markets”.
Search, seizure and confiscation can involve cases with a penalty of two years in prison or more, compared with the threshold of seven years for extraditions under the Fugitive Offenders Ordinance, the submission notes. Requests can also be made at the investigative rather than prosecution stage.
Source: Law Daily Report (lawdailyreport.net)
fxmacro GregTorode Started in earnest, 2 yrs ago. Will accelerate big time now.
GregTorode scmpnews XHNews China has a long memory. If you siphoned money illegally by money laundering hundreds of millions of $$ from China to HK from 2008, to buy HK property (which also pushed HK property up 300-400%), the Govt will not forget economic criminals.
GregTorode rule no 1. 'Nobody has ever won betting against Hong Kong' . (see pre 1997 handover exodus, exodus from leftist Protests 1967, Asian Economic Downturn, SARS, Currency wars by International hedge funds trying to break HK-US $ peg....) cc SCMPNews PDChina
GregTorode
GregTorode ChinaismakingHongKong China is going to Make Hong Kong into unpleasent,Business unfriendly,Red Army Garrison which will drive Hong Kong business men and foreign Business men out of Hong Kong
GregTorode Hello Vancouver. Housing prices will rise again.
GregTorode Does anyone blame them given the way China fucks about with its citizens
GregTorode Yep, the rich will be fine no matter what happens. The people will suffer tho if China takes over.
GregTorode There goes house prices in major cities.
GregTorode I mean the headline kind of shows you who's driving the buss with these supposed spontaneous mass protests over (checks notes) people facing trial for crimes they commit within another province of the same country.
GregTorode HMMMM
GregTorode If any Hong Kong Tycoons would like to put their money in a real estate (mansion by the ocean, with an infinity pool) or into automotive (Ferrari or Lambo) in the US, and want to ensure that they are looked after (ie let me live there rent free) I will be happy to help.
GregTorode It's a good time to be a real estate agent with Chinese ties....
bitcoin
Bullish news for Bitcoin, which is already the strongest performing asset of 2019
'The extradition bill, which will cover Hong Kong residents and foreign and Chinese nationals living or traveling through the city, has sparked unusually broad concern it may threaten the rule of law that underpins Hong Kong's international financial status.'
cc Jkylebass As you predicted...
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