Bloomberg: Chinese authorities have announced measures to stem capital outflows from the mainland, affecting bank accounts in Hong Kong and prompting clients to inquire about second tax residences and passports.
The crackdown includes penalties on brokerages, stricter controls for banks, and increased pressure on the country’s richest individuals, making it more cumbersome for Chinese firms to list in Hong Kong.
The moves are expected to have a significant impact on Hong Kong’s finance sector, with private banks and wealth managers handling more client questions, and some clients already looking to move assets to Europe to keep them beyond the reach of Chinese authorities…