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US Revokes Hong Kong’s Special Status After Weeks Of Tension Around Security Law
The US has officially revoked Hong Kong's special status.
The announcement, delivered by Wilbur Ross on Monday afternoon, comes after weeks of global hand-wringing over China's new national security law, which effectively allows Beijing to override the city's legal system.
China's decision to clamp down on protesters and other dissidents in the city came after nearly a year of demonstrations which turned violent, plunging Hong Kong into recession long before the pandemic pushed the rest of the
If it were me running the show, which it obviously is not and never ever will be, I’d invite wealthy and educated Hong Kong citizens to move here to the US. Give them residency or whatever it would take to make it official. Set up shop. Start businesses. Give them some tax advantages for the first year or two.
HK as a financial center is on a glide path. I’m not expert, just some jerk with a day job. Who is going to want to make a new investment in HK, vault PM there any longer, or have open an overseas office there any longer?
Yeah, even China has written off Hong Kong for value production. They think they can assimilate their financial production to the mainland and now just consider them a thorn in their side (and a bad role model for the mainland) and want to make an example of them for Taiwan to consider.
There is something already reasonably similar to this forming from the British government who have pledged to offer extended travel rights and a path to citizenships to HK residents born before 1997, when the territory was handed over. The terms of this ‘path’ have not yet been clearly delineated (Boris Johnson’s government is not known for its focus on detail) but it is more than likely that wealth will be a factor.
Does anyone know HSBC exposure to HK real estate? Could it fail?
Something is gonna fail, who would invest here now? China will use it as an example of a “failed” experiment