These regulatory changes have sparked frustration among wealthy Chinese residents and prompted them to reconsider their financial base
Hong Kong is drawing high-net-worth individuals from mainland China, a significant reversal from recent years when political unrest and stricter regulations led many to relocate to Singapore.
Hong Kong’s financial landscape has experienced a revival, with assets under management swelling to HK$31 trillion in 2023, driven notably by a strong private banking sector and a threefold increase in net fund inflows.Private bankers, speaking anonymously to Bloomberg News, attribute this rebound to Hong Kong’s strategic geographical positioning and improved business environment post-border reopening in 2023.
Nonetheless, for individuals like Wang, a tech worker from Chongqing, holding a Hong Kong identity card facilitates easier international travel and financial operations, factors that continue to attract business-oriented individuals. “If Singapore would do as many checks and tighter regulations as the mainland, then why would they want to go there?” he added.
Sales of insurance products popular among wealthy mainland Chinese surged by 63% in Hong Kong during the first quarter of this year.
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