Reported about 1 year ago
Wealthy Chinese investors are rushing to invest in offshore assets through Hong Kong, seeking to diversify their investments and protect their wealth amid a downturn in China's economy and property sector. The trend has been fueled by China's relaxed investment rules for the 'wealth connect' program, allowing residents of Guangdong province to buy investment products in Hong Kong. As a result, Hong Kong is experiencing a surge in wealth inflows, benefiting financial firms and solidifying its status as a wealth hub competing with Singapore. Hong Kong's offering of high interest rates and investment opportunities are attracting not only mass affluent individuals but also ultra-rich clients from China and Southeast Asia, driving a significant increase in new account openings and inquiries about setting up family offices in the city.
Source: YAHOO