The company is getting regular calls from clients asking about the logistics of leaving Hong Kong, he said. “People who aren’t in the market already and want to come in, they’re having second thoughts,” with Singapore seen as a much more business-friendly destination, he added.
SINGAPORE (Oct 10): Service providers to some of Asia’s wealthiest families say they are fielding a rising number of calls about shifting away from Hong Kong, with some already moving money to Singapore-based banks.
“Projects that were going into Hong Kong, people are now holding back,” said Shanker Iyer, Asia executive chairman at IQ-EQ, which says it has about US$450 billion ($621 billion) of assets under administration for family offices and other investors.
