Hong Kong’s long-term wealth hub status safe from mainland investment curbs: JPMorgan exec
Beijing’s recent curbs on cross-border investment and a tax shift targeting overseas insurance gains may create short-term uncertainty, but they will not undermine Hong Kong’s long-term competitiveness as a major wealth management hub, according to a senior executive at JPMorgan Chase. Kwang Kam-shing, Hong Kong CEO and chairwoman of North Asia at the biggest bank by assets in the United States,…
JPMorgan Chase CEO Kwang Kam-shing expressed confidence in Hong Kong's position as a long-term wealth management hub, despite recent Beijing policies that may create short-term uncertainty. Kwang highlighted Hong Kong's continued wealth creation and active capital markets as strengths that cater to high-net-worth clients seeking global investment opportunities.
She noted that the city's regulatory requirements for mainland clients to disclose funding sources, along with a new 20% levy on offshore insurance gains in some mainland cities, have raised concerns. However, Kwang emphasized that these hurdles would not impact Hong Kong's long-term competitive advantage, as wealthy clients in mainland China and the region remain keen on diversifying investments and succession planning.
JPMorgan Chase, a major player in the city, remains committed to operating in Hong Kong and Singapore, as it does across 17 regional markets. Kwang also pointed out the growing competition between Hong Kong and Singapore, with both cities offering tax incentives for investment professionals. She believed that this competition would be beneficial, as it would allow both cities to thrive and attract top talent, ultimately contributing to the region's growth.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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