{
  "id": 6737865,
  "title": "Mainland Chinese investors to drive Hong Kong wealth boom despite new tax rules: report",
  "url": "https://urgent.news/2026/09/11/mainland-chinese-investors-to-drive-hong-kong-wealth-boom-despite-new",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-11T09:00:16.000Z",
  "source": {
    "name": "SCMP Business",
    "slug": "scmp-business",
    "url": "https://www.scmp.com/business/banking-finance/article/3367190/mainland-chinese-investors-drive-hong-kong-wealth-boom-despite-new-tax-rules-report"
  },
  "original_language": "en",
  "account": "Hong Kong banks foresee mainland Chinese investors continuing to bolster the city's wealth management sector through 2030, even with China's stringent cross-border tax rules. The Hong Kong Association of Banks (HKAB) and Deloitte China revealed that mainland China's stake in local assets under management is expected to rise from 59% to 68% over the next five years. The report surveyed 147 member banks in the first half of 2026 and issued 37 recommendations to boost the sector as Hong Kong prepares to launch its first five-year plan.\n\nStephen Chan, HKAB's acting chairman and Bank of China's deputy CEO, stated that Hong Kong has emerged as the world's leading cross-border wealth management hub and will maintain this position. According to David Wu, a senior industry leader at Deloitte China, the primary drivers of growth in wealth management are the increasing demand for international diversification, wealth transfer across generations, and the expanding family office sector.\n\nBanks recommend that Hong Kong authorities refine the Cross-boundary Wealth Management Connect Scheme by easing eligibility criteria, simplifying sales and promotion rules, increasing quotas, and expanding product offerings to include medium-risk, high-reward options. The scheme, launched in 2021, currently caters to Hong Kong residents and mainland residents in the Greater Bay Area, which encompasses Hong Kong, Macau, and nine southern Chinese cities.\n\nTo capitalize on the growth opportunity, banks advise the government to deepen financial ties with mainland China by introducing an initial public offering (IPO) connect scheme. They also urge the acceleration of integrating a yuan counter in Stock Connect, which would allow mainland investors to participate in new listings in Hong Kong, as well as enhancing yuan internationalization.\n\nWhile Beijing has imposed taxes on cross-border gains of mainland residents and beneficiaries from offshore trusts and insurance, Beijing has also supported Hong Kong's role as an international asset and wealth management center, as stated in the country's latest five-year plan through 2030. Apart from wealth management, banks suggest the bay area corridor and artificial intelligence deployment as two additional pillars for the next five years. They propose promoting the use of yuan in Belt and Road Initiative projects to strengthen the internationalization of the currency and establishing a quantum computing strategy to maintain Hong Kong's long-term competitiveness.",
  "summary": "Hong Kong banks expect the contribution of mainland Chinese investors to the city’s wealth management business to continue to grow through 2030, presenting opportunities despite Beijing’s tightened cross-border tax rules. Mainland China’s share of local assets under management was projected to reach 68 per cent from 59 per cent within five years, according to a report released by the Hong Kong…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "SCMP Tech",
        "title": "Mainland Chinese investors to drive Hong Kong wealth boom despite new tax rules: report",
        "url": "https://urgent.news/2026/09/11/mainland-chinese-investors-to-drive-hong-kong-wealth-boom-despite-new-6737885",
        "published": "2026-09-11T09:00:16.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}