Private bankers are being flooded with inquiries from investors in Hong Kong who are worried about the long-term effects of the political crisis in the Chinese city. While the Hong Kong government has shelved the controversial law that sparked the latest round of unrest, a new tier of wealthy investors are setting up ways to move their money out of the former British colony more quickly, bankers and wealth managers told Bloomberg.
"We are getting a lot of enquiries. What can we do if clients are looking to moving money here? We can't stop the flows," the Singapore-based banking source added.
Hong Kong has been thrown into turmoil by a proposed extradition bill - declared dead this by its CEO Carrie Lam - that for the first time would have allowed China to seek extraditions from the city, sparking demonstrations that attracted at least a million protesters.
The message was that we shouldn’t be taking undue advantage of what’s going on in Hong Kong"