Hong Kong is trying to win back the wealthy Chinese by rolling out the red carpet for the rich, while rival Singapore keeps a close eye on foreign money.
The Chinese territory is expected to welcome around 200 wealthy individuals this year, according to data from intelligence agency New World Wealth and immigration consultancy Henley & Partners, after millionaires fled the city for five years thanks to initiatives including tax breaks for family offices and visa and residency programs.
At the same time, the city’s family offices and wealthy immigrants have come under scrutiny in the aftermath of a high-profile money laundering case worth Singapore dollars 3 billion (US$2.2 billion).
