Featured Posts

Hong Kong’s Rich Are Preparing for a Worst-Case Scenario

June 14, 2020

One Hong Kong businessman moved $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.

 

While it doesn’t add up to an exodus just yet, Hong Kong’s rich are increasingly hedging their bets as the financial hub suffers its worst economic and political crises since at least 1997.

 

Many high-net-worth investors are either reducing their Hong Kong exposure or taking steps to ensure they can withdraw assets at a moment’s notice, underscoring the challenge for Chief Executive Carrie Lam as she tries to maintain the city’s status as magnet for Asian wealth. Rich individuals are major players in Hong Kong’s equity and real-estate markets as well as big buyers of Chinese corporate bonds issued in the city.

 

 

 

FULL REPORT 

Share on Facebook
Share on Twitter
Please reload

Please reload

RSS Feed