Wholesale China. Rich Chinese shun Hong Kong.
Rich Chinese are expected to park fewer funds in Hong Kong on worries that Beijing’s proposed national security law for the city could allow mainland authorities to track and seize their wealth.
More than half of Hong Kong’s estimated private wealth of over $7.75t (US$1t) is from mainland individuals who have parked money there, according to bankers.
The city has benefited from its proximity to China and a separate legal system, as well as its dollar-pegged currency, but there are now worries about it losing its edge as a global financial centre due to capital and talent flight.
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