Exodus of funds and people from Hong Kong as China asserts its power…


Protesters were out in force on the streets of Hong Kong in June.
Photo: Protesters were out in force on the streets of Hong Kong in June. (ABC News: Sue Lannin) 

The weeks of protest in Hong Kong are starting to hurt the global financial hub’s economy and the fallout is being felt around the Asia-Pacific region, including in Australia.

Key points:

  • Migration agents say they have had a large increase in enquiries from people seeking to leave Hong Kong, including to come to Australia
  • Travel to Hong Kong fell during the protests as did retail sales
  • Major financial companies are keeping an eye on the situation, but remain committed to staying in Hong Kong for now

Hong Kong migration agents have seen a jump in sales and enquiries since the protests against a planned extradition bill began nearly two months ago.

Australian-registered migration agent John Hu, who runs a consultancy in the Chinese territory, said he had fielded hundreds of calls over the past month from people who were looking to leave the city because of the political unrest and prospect of greater Chinese control.

Mr Hu said total sales had surged in June and Australia was the preferred destination of Hong Kong people seeking permanent migration.

“I would say on a monthly basis we have doubled the number of enquiries. We’ve had about a 30 to 40 per cent increase in actual sales,” Mr Hu said.

Full Story Here: https://www.abc.net.au/news/2019-07-25/hong-kong-china-protests-may-prompt-citizens-business-to-leave/11341144



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