Rich Chinese return to Hong Kong as Singapore steps up regulatory oversight
Hong Kong is attracting wealthy Chinese individuals by offering favourable tax concessions and visa programmes, reversing a trend where many were relocating to Singapore. This shift comes as Singapore tightens its scrutiny on foreign money due to a recent $3 billion money laundering case, causing some frustration among wealthy immigrants and prompting some to consider relocating their assets to Hong Kong. The increased regulatory measures in Singapore have slowed the growth of its private banking sector, while Hong Kong has seen significant growth in asset management and new business inquiries, particularly from mainland China.
