Chinese investors' rush for offshore assets spurs Hong Kong wealth inflows
HONG KONG - Hong Kong investment products such as insurance and high-yield time deposits are seeing resurgent demand from wealthy Chinese who are aiming to shield returns from a domestic economic and property sector downturn and also a weaker currency.
Inflows in April grew 70.5% from the preceding month to 22.3 billion yuan, the data showed, while northbound investments in April by Hong Kong and Macau residents were just 14 million yuan, largely unchanged since the programme was launched. "If we look at the inquires that we got last year versus the previous year, we're talking about an 85% increase," said L.H. Koh, head of global family and institutional wealth APAC, at UBS.
The Hong Kong Monetary Authority would"continue to explore further enhancement measures in due course, taking into account the industry's feedback as appropriate", the city's de-facto central bank said in a statement to Reuters.
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