Singapore: The New Hong Kong for the Rich of China
The tighter control by Chinese authorities can remove HENI (the High net worth Individuals) away from Hong Kong.
As to Bloomberg, Singapore is slowly becoming the preferred overseas investment location for the High net worth Individuals of China, over its close regional rival Hong Kong which enforces Chinese authorities’ tighter controls and new banking practices.
Tax Transparency Agreements of Singapore which covers 61 jurisdictions do not include Hong Kong or Beijing, thus the account information is not accessible or visible to Chinese government.
Li Qinghao, co-founder of New Banker Tech Consulting said that they See Singapore as the bridgehead of China’s investment overseas.