Hong Kong’s Rich Are Preparing for a Worst-Case Scenario
- They’re opening offshore accounts, applying for new passports
- ‘I’m just trying to protect my money against any uncertainty’
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One Hong Kong businessman moved $10 million to Singapore and plans to transfer more. Another is eyeing London property, worried that prices in Hong Kong are too high. Well-to-do families across the city are opening offshore bank accounts and applying for alternative passports.
While it doesn’t add up to an exodus just yet, Hong Kong’s rich are increasingly hedging their bets as the financial hub suffers its worst economic and political crises since at least 1997.