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China Wealth Connect With Hong Kong to Kick Off Next Month

  • Wealth Connect targets affluent region with 70 million people
  • Global banks are eyeing annual fees of almost $500 million
General Views of Hong Kong
Photographer: Paul Yeung/Bloomberg
Updated on

A long-awaited program to allow investments for private wealth between Hong Kong and mega-cities in China’s southern region will open for cross-border flows as soon as next month.

Wealth Management Connect, which has been estimated to generate almost $500 million in annual fees for banks, will come into operation in October and November, said Edmond Lau, Hong Kong Monetary Authority’s deputy chief executive, at a launch ceremony on Friday.