Skip to content
Subscriber Only

Chinese Buying Insurance in Hong Kong Said to Face Further Curbs

  • Mainlanders’ use of MasterCard, Visa cards said to be limited
  • Insurance purchases are tool for getting money out of China

Chinese residents buying insurance in Hong Kong will no longer be able to swipe their credit cards multiple times to get around previously imposed curbs intended to slow sales, according to people with knowledge of the matter.

Purchases of insurance in Hong Kong using MasterCard Inc. and Visa Inc. credit cards issued in China have been capped at $5,000 per insurance product, according to the people, who asked not to be identified because the changes haven’t been made public. Hong Kong insurers were notified by the card companies about the change, which took effect Saturday, the people said.