[HONG KONG] China's plans to impose national security legislation in Hong Kong are expected to lead to the flight of capital and talent from the Asian financial hub, bankers and headhunters said. Read more at The Business Times.
Globally, Hong Kong ranked second in wealth per adult after Switzerland in mid-2019, and the city ranked 10th in terms of the number of ultra-high net worth individuals or those with more than US$50 million in assets, according to a Credit Suisse report.
"We have had instances where clients were considering establishing a presence in Hong Kong ... but due to the pro-democracy protests in 2019, they decided to set up a presence in Singapore instead," said Rahul Sen, London-based partner for wealth management headhunting and consulting firm Boyden. Hong Kong's vaunted rule of law is widely seen as a major factor for global financial institutions that make the former British colony their regional home and using it as their main trade and other dispute resolution centre.
The proposed legislation will safeguard the central government's"overall jurisdiction" as well as Hong Kong's"high autonomy," a draft seen by Reuters said.Some bankers said that Hong Kong would now also struggle to attract talent, as individuals and financial institutions focus on the implications of Beijing's latest move.
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