Red Packets From Global Banks Become Hong Kong Collectors’ Items
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As millions of Hong Kongers prepare to hand out packets stuffed with cash to mark the lunar new year, the hottest envelopes are coming from an unlikely source: global investment banks.
The red packets, often embossed with gold or signs from the Chinese zodiac, are in huge demand on a vibrant secondary market even though banks give them away for free. This year’s design from UBS Group AG is commanding the highest price, selling for more than HK$10 ($1.30) per envelope on Facebook Marketplace and Carousell Pte. That’s more than 50% above second-ranked Credit Suisse Group AG and almost triple the price being paid for those from local rival HSBC Holdings Plc.