Like it or not, Hong Kong is still Asia’s leading financial center.
Existing money will probably stay for awhile, new money will probably go to Singapore or Malaysia. HK will remain the biggest by numbers for a long time, but the clock is already ticking.
I figure it will be like the last exodus in the 80s, after a few years business will be back unless it really gets screwed up or a certain someone implodes economically
In the 80s The first exodus was due to fear of the unknown, which didn’t materialize, China stayed hands off and things gradually returned to normal. Now China has finally taken the step that was feared originally. Xi could decide to freeze all accounts with no notice and no recourse, that’s a risk even the most connected don’t want to take, but it takes some years to decouple and retrench…
Didn’t people leave in the early 90s not the 80s? 80s was a boomtime for HK wasn’t it?
Most of the foreigners aren’t going there anymore. It’s mostly good for Chinese people. Vast majority of people moving there are mainlanders, doesn’t make it very attractive does it.
HK is still pretty great for certain people. Low taxes, a local currency pegged to USD, no sales tax, territorial tax regime, good culture, all great perks that you can’t get in many other Asia places.
But things are uncertain. Good place to build wealth but I’d store and invest that wealth in another country with stability, such as Singapore.