While Singapore and Hong Kong have been competing each other on the international financial arena, some feared Hong Kong tycoons have started moving their assets overseas amid implementation of the controversial extradition law.
The extradition law will affect both foreign and local Chinese nationals including Hong Kong residents has triggered a wide uneasiness that it might weaken Hong Kong financial standing internationally.
The City’s leader, Carrie Lam, emphasised the importance of the bill by blocking the loopholes of criminals taking cover in the city legally.
The initial legislative debate was put on hold after a mass protests last Wednesday and it’s uncertain about the plan to pass the bill.
An unnamed source from a Hong Kong based international bank said their client have been moving their funding to Singapore, as the country’s market condition is stable and favourable.
Some would shift their investment focus to real estate segment, projects in convenient location with reasonable price like Parc Esta would definitely draw their attention under a familiar Hong Kong based developer with proven track record.
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