Tighter scrutiny from Chinese authorities may be driving HNWIs away from Hong Kong.
Bloomberg reports that Singapore is slowly emerging as the preferred overseas investment location for China’s high-net worth individuals over its close regional rival Hong Kong amidst tighter scrutiny from Chinese authorities and changing banking practices.
Singapore’s tax transparency agreements, whilst covering 61 jurisdictions, do not include either Hong Kong or Beijing which means that account information isn't easily visible to the Chinese government.
“We see Singapore, not Hong Kong, as the bridgehead of China’s investment overseas,” says Li Qinghao, co-founder of NewBanker Tech Consulting.
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