Hong Kong has suffered a torrid 18 months. A year of riots was followed by a pandemic and, most recently, Beijing’s move to impose a new national security law.
Many experts have called time on a fascinating, freewheeling, and above all fun city. It was, they said, the beginning of the end. Beijing would undermine the legal system – a key reason why banks and investors trust the place – at will and at whim.
Hedge funds would flee to Tokyo or, more likely, low-tax Singapore, which would also mop up the city’s private banking industry.
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