Translate by:MOS member Tienan Sun
On November 10, Mr. Guo revealed that a massive outflow of expatriates in Hong Kong is underway. The data of a Hong Kong government bureau for the past three months confirms this trend. The figure suddenly increased from 7,000 people per month in the past to 11,000 people per month.
Mr. Wengui mentioned that financial companies executives all moved to the UK, Singapore, and Japan. At the same time, real estate indices in these three regions rose by about 22% to 25% due to a large influx of foreign currency.
Mr. Guo interpreted what it means if this phenomenon continues. Within six months, the loss of financial executives and foreign capital will turn Hong Kong into an empty financial hub.
Mr. Wengui mentioned it’s been more than a year since the Chinese Communist Party pushed through the Hong Kong version of the national security law. The situation has deteriorated drastically: loss of freedom of speech, press freedom, and human rights in Hong Kong. The unprecedented political climate of oppression has forced many Hong Kong people to leave their homeland; meanwhile, capital movement was taking place along with the brain drain.
According to the Canadian Anti-Money Laundering Agency. Over the past year, a record amount of money flowed into Canada from Hong Kong banks, approximately C$43.6 billion. Meanwhile, Singapore has replaced Hong Kong as the largest forex market in the Asia Pacific.
Edited by: James Zoebel
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