Chinese investors’ rush for offshore assets spurs Hong Kong wealth inflows
6 months, 1 week ago

Chinese investors’ rush for offshore assets spurs Hong Kong wealth inflows

Live Mint  

By Xie Yu HONG KONG, June 17 - 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. The trend became evident last year but has accelerated in recent months after China relaxed investment rules for the 'wealth connect' programme in February, Hong Kong wealth managers said. "There are about 45 million affluent individuals in China, and increasingly they want more international exposure, education, and protection," said Maggie Ng, HSBC's Hong Kong head of wealth and personal banking. 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. Besides banks, Hong Kong-based insurers have Horace Yep, Citigroup's private banking head of Hong Kong and Greater Bay Area, said the bank saw record new account openings in Hong Kong in 2023, and the momentum remained strong this year, thanks to the demand from mainland Chinese clients.

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History of this topic

Private Banks Boost Hong Kong Hiring to Woo Rich Chinese Clients
1 week, 1 day ago

Private Banks Boost Hong Kong Hiring to Woo Rich Chinese Clients

Live Mint  

-- Wealth managers are ramping up hiring in Hong Kong to cater to an inflow of mainland Chinese money. Bank of Singapore has boosted staff in Hong Kong by 30%, while Julius Baer Group Ltd., a Swiss wealth manager, grew its office space in Hong Kong by 40% last year along with hiring. “This year, we’ve seen an increase in …

Wealth Management Takes a Digital Balance: Striking the Right Balance Between Tradition and Innovation
2 months ago

Wealth Management Takes a Digital Balance: Striking the Right Balance Between Tradition and Innovation

China Daily  

Wealth managers in Hong Kong are transitioning towards a hybrid model that combines traditional in-person consultations with digital platforms to cater to a diverse clientele. The survey revealed that 93 percent of the participants have increased their utilization of digital platforms for wealth management activities in the past two years, with 47 percent noting a significant rise. The city's wealth …

Wealth Management Takes a Digital Balance: Striking the Right Balance Between Tradition and Innovation
2 months ago

Wealth Management Takes a Digital Balance: Striking the Right Balance Between Tradition and Innovation

China Daily  

Wealth managers in Hong Kong are transitioning towards a hybrid model that combines the traditional in-person approach with digital innovations. The survey revealed that 93 percent of the participants have increased their utilization of digital platforms for wealth management activities in the past two years, with 47 percent noting a significant rise. The city's wealth management industry is embarking on …

Chinese stocks slide as investors maintain caution after US inflation report
9 months, 1 week ago

Chinese stocks slide as investors maintain caution after US inflation report

Associated Press  

HONG KONG — China stocks were lower Wednesday after the overnight United States inflation report that signaled a diminished possibility of the Fed’s rate cut made investors cautious. Cathay Pacific Airways stock jumped 5.3% after it announced remarkable a 336% increase in operating profit in 2023, reaching 15.1 billion Hong Kong dollars and surpassing the previous record set in 2010. …

China’s well-to-do are under assault from every side
10 months, 1 week ago

China’s well-to-do are under assault from every side

Hindustan Times  

It was a year ago that the woman who asked to be referred to as Xue Li entered the minefield, although she did not know it at the time. They also propelled China’s property market since the first mortgage was issued by a state bank in 1986. China’s strict capital controls make it difficult and prohibitively expensive to move money …

China’s millionaires are worried. That’s a problem for Wall Street.
1 year ago

China’s millionaires are worried. That’s a problem for Wall Street.

Live Mint  

For years, banks including Citigroup, JPMorgan and UBS competed hard to win business from China’s giant pool of wealthy people. The sharp rise in U.S. interest rates over the last two years is another headache for private banks, since it means China’s wealthy can now get attractive returns while taking very little risk. But markets elsewhere have bounced back this …

China stock investors say worst yet to come in property crisis
1 year, 2 months ago

China stock investors say worst yet to come in property crisis

Live Mint  

China’s property sector has yet to see the worst of the crisis that has cast a pall over the nation’s economy and helped drive an exodus of global funds from the world’s second-largest stock market. That’s the view from nine of 15 respondents in an informal Bloomberg News survey of analysts and money managers based in Hong Kong and mainland …

Hong Kongers fleeing China’s crackdown denied pension savings
1 year, 7 months ago

Hong Kongers fleeing China’s crackdown denied pension savings

Al Jazeera  

Activist group estimates Hong Kongers in the UK are unable to access $2.8bn in retirement savings. “Of course our retirement life will change.” “They don’t like people moving out of Hong Kong and they will do whatever … to punish them,” Chan said. Since Beijing’s announcement, Hong Kong’s Mandatory Provident Fund Authority, which regulates the pension scheme, has instructed banks …

As China tightens grip, Hong Kong’s luster as ‘world city’ dims
2 years, 5 months ago

As China tightens grip, Hong Kong’s luster as ‘world city’ dims

Al Jazeera  

Tens of thousands of residents are exiting the former British colony as Beijing reshapes life in the city. In a survey carried out by the American Chamber of Commerce of Hong Kong last year, more than 40 percent of expats said they were planning to leave or considering it, mostly due to concerns over a draconian national security law imposed …

Innovative wealth pilot major hit in GBA
3 years ago

Innovative wealth pilot major hit in GBA

China Daily  

Daniel Chan, head of Greater Bay Area at HSBC Bank Co Ltd, poses for a photo. The Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area has received a warm response from local investors since the first batch of banks participating in the program launched such services on Oct 19. Ever since the services were launched, …

Nation to streamline wealth management market
3 years, 5 months ago

Nation to streamline wealth management market

China Daily  

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. China is expected to form a standardized, unified and highly efficient wealth management market with fair competition and high standards, said a recent report by Zhixin Investment Research Institute. The country's new asset management rules will have a deep impact on its wealth management market, …

Future of Hong Kong: Financial elite weigh up fleeing as businesses undeterred by Chinese crackdown
3 years, 9 months ago

Future of Hong Kong: Financial elite weigh up fleeing as businesses undeterred by Chinese crackdown

The Telegraph  

In the most stark demonstration yet of what might happen if a company does not toe the party line, Hong Kong's flag carrier Cathay Pacific was caught in the crossfire in 2019 as Beijing cracked down after some staff drew attention for joining the anti-government protests. Since then it has only doubled down on the world’s second largest economy, it’s …

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