Cracks are starting to appear in Hong Kong’s status as Asia’s financial hub.
As protests continue to rage on over a now-withdrawn bill that would allow Hong Kong residents to be extradited to mainland China, the economy has suffered. Retail sales in the city have slumped and tourists are staying away, and the impact of the skirmish on Hong Kong’s economy has prompted some economists to warn of a recession.
Now, the financial industry, part of the bedrock of the city’s economy, has shown some early signs of discomfort.
Aaron Hantman, CEO at outsourced trading firm Tourmaline Partners, told Business Insider that recently, when hiring for open trader positions in his firm’s Sydney office, he saw an influx of Hong Kong applications.
“We have seen a notable increase in interest from candidates currently living in Hong Kong and looking to leave,” Hantman said. “Although very early on, this could be an indication of longer lasting impact on Hong Kong as a financial center.”
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