Toyko, Sydney aim to lure edgy Hong Kong financial firms, but Singapore a top draw
Monday, 27 July 2020 ()
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York City HONG KONG/SINGAPORE (Reuters) – Japan, Australia and some other nations are readying incentives to attract banks and asset managers in Hong Kong that are worried about the new security law imposed by China, but finance sector experts said even if they move, it will be to Singapore. High taxes and costs, bloated bureaucracies and cultural differences in some of these Asia-Pacific nations present formidable challenges for the Hong Kong financial institutions to relocate even partially, while Singapore’s similarities to Hong Kong give it an advantage, they said, though the...
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