FINANCIAL SERVICES | Staff Reporter, Singapore

Singapore is the new Hong Kong for China's Ultra Rich

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.

Here's more from Bloomberg

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.