Hong Kong investment products such as insurance and high-yield time deposits are seeing resurgent demand from wealthy Chinese who are aiming to shield...
HONG KONG - Hong Kong investment products such as insurance and high-yield time deposits are seeing resurgent demand from wealthy Chinese who are aiming to shield returns from a domestic economic and property sector downturn and also a weaker currency.
Under the programme, investments by mainland investors into Hong Kong and Macau hit a record monthly high of 13 billion yuan in March, up nearly eight times from February, data from the Chinese central bank showed. "If we look at the inquires that we got last year versus the previous year, we're talking about an 85% increase," said L.H. Koh, head of global family and institutional wealth APAC, at UBS.
The Hong Kong Monetary Authority would "continue to explore further enhancement measures in due course, taking into account the industry's feedback as appropriate", the city's de-facto central bank said in a statement to Reuters. The surge in demand comes against the backdrop of Chinese mainland investors facing limited options to park their cash at home, as yields of long-dated bonds have dropped to record lows.
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