HONG KONG (BLOOMBERG) - The two British institutions that dominate Hong Kong's banking system backed Beijing in the standoff over a proposed new security law, joining Jardine Matheson Holdings Ltd and some of the city's biggest developers in wading into the political minefield of the former colony's future.. Read more at straitstimes.com.
HONG KONG - The two British institutions that dominate Hong Kong's banking system backed Beijing in the standoff over a proposed new security law, joining Jardine Matheson Holdings Ltd and some of the city's biggest developers in wading into the political minefield of the former colony's future.
The Trump administration issued an order suspending passenger flights from China-based airlines and the UK government offered refuge to as many as 3 million Hong Kong residents. Major local businesses including Jardine Matheson and billionaire Li Ka-shing have come out in support of China's proposals in recent weeks. Swire Pacific Ltd, the parent company of Hong Kong-based airline Cathay Pacific Airways Ltd, and Sun Hung Kai Properties Ltd, the city's largest developer, are also among top companies that have voiced support for the law.
"It is a colossal misjudgement because you cannot as a British company the size of HSBC be seen to be advocating for what is a fairly flagrant breach of international law in a rules-based system," Mr Carmichael said."This is tactically clever, but strategically stupid. In the longer term, this is a serious error of judgment, as banks rely on a rules-based system.
Standard Chartered is in the process of setting up a new virtual bank in Hong Kong as part of a plan to boost its retail operation in the city and appeal to a younger generation.HSBC's top executive in Asia, Mr Peter Wong, was photographed signing a petition in support of the proposed security legislation, according to a post on the bank's official WeChat account.
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