Posted on 08/31/2021 3:44:58 AM PDT by EBH
“People are thinking, do I want to be in Hong Kong for the next 3-5 years, as they see the world opening up,” said Kher Sheng Lee, co-head of the Asia Pacific Alternative Investment Management Association. Singapore, a rival financial hub, is set to further reopensoon.
Lee said the group had met with the government to discuss the quarantine rules as they were hindering new investors.
A senior banker at a top U.S. bank said if there was no change in rules by the second quarter next year, he would move even without a job.
“For a lot of people this is starting to go on 2 years missing grandparents, births, deaths, birthdays, anniversaries etc. Grandparents don’t have forever to live.”
Restrictions were prompting expatriate and Chinese staff to return home, said a fund manager who could not be named due to company policy.
“Right now … it’s just one-way traffic as it’s impossible for anyone to come here.”
No official data was available on the net outflow of expatriates.
Hong Kong’s government tried to placate the financial sector in May by announcing a scheme to allow listed company executives to be exempt from full quarantine.
However, the program requires a detailed itinerary submitted in advance to regulators, and 232 out of 303 applications received up to August 23 were either rejected by the government or withdrawn by applicants, according to official figures sent to Reuters. They did not provide further details.
Hong Kong’s foreign residents account for nearly 10% of the city’s total population of 7.5 million.
While many weathered the often-violent 2019 protests and the imposition of the national security law in 2020, stringent COVID regulations have drawn a red line.
“For many people it is the last straw… people are starting to calculate how they can work...
(Excerpt) Read more at dnyuz.com ...
“While many weathered the often-violent 2019 protests and the imposition of the national security law in 2020, stringent COVID regulations have drawn a red line.”
Who cares if ‘hooligans’ get sent away to gulags, there’s money to be made!!! But man, having to spend 2 weeks at a 5-Star, no thanks.
It is now 3 weeks locked in a hotel room if coming from the US.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.