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TOPIC

Wealth management

Wealth management
Latest news and features on wealth management, with a particular focus on Hong Kong, mainland China and Asia.
People walk past buildings in Central, Hong Kong. Photo: Sun Yeung
Global minimum tax

Goldman Sachs upbeat on wealth outlook despite worries over China’s tax scrutiny

Robust fee growth tipped for Hong Kong, Singapore banks as mainland Chinese clients’ offshore allocations driven by diversification: report.

China economy

In Focus | A matter of trust: China’s wealthy grapple with new offshore asset tax rules

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Banking & finance

Even Hong Kong’s rich expect to work past retirement age, survey says

Banking & finance

Reduce your exposure to US assets before they lose value, Swiss bank warns

Swiss private bank says structurally high inflation and government deficits will erode value of US dollar and Treasuries over the next decade.

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A broker works on the floor of the New York Stock Exchange. Photo: AP
Insurance

Hong Kong insurers to weather Beijing’s tax shift with 8-10% premium growth: S&P

Credit-rating agency says heightened scrutiny likely to create compliance hurdles, not destroy demand.

Insurance

Exclusive | Hong Kong to reappoint insurance regulator as industry braces for tough period

Insurance Authority CEO Clement Cheung will be reappointed on Friday to help industry navigate Beijing’s tax clampdown, sources said.

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Chinese offshore investment

Opinion | Beijing’s offshore insurance tax tests Hong Kong wealth management

While markets initially fell, more transparent cross-border oversight could strengthen the city’s credibility as a wealth management centre.

Hong Kong’s central business district. To mainland Chinese clients, Hong Kong insurance products also served as a long-term investment vehicle, a US dollar savings instrument and an estate planning tool. Photo: Reuters
Banking & finance

Fubon Bank’s Hong Kong subsidiary opens first mainland China branch in Shenzhen

The branch is set to focus on specialised cross-border financing for tech corporations targeting overseas expansion.

Insurance

HSBC reshuffles insurance division after CEO’s surprise departure: internal memo

Two Asia-based executives will replace outgoing global insurance CEO Edward Moncreiffe, who has resigned, according to a company document.

Hong Kong property

Hong Kong property recovery faces new risk as Beijing widens offshore tax net

Potential taxation of offshore property income could curb mainland demand, while weaker insurance activity hits decentralised office markets.

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Testing times could lie ahead for Hong Kong’s property market if Beijing’s crackdown on offshore wealth extends to offshore rental income and capital gains tax, affecting investors. Photo: Sam Tsang
Hong Kong property

Rich Hongkongers rank travel over real estate in shifting life goals: survey

Immersive travel and early retirement rank above real estate on the priority list of wealthy individuals, according to a new report.

Passengers pose for pictures at Hong Kong International Airport in Chek Lap Kok on May 27. Photo: SCMP/Sam Tsang
China stock market

Gold breakout rally sends Chinese bullion stocks near record highs

Sovereign-debt risks and reserve diversification seen helping revive investor optimism in the precious-metals market.

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Banking & finance

In Focus | Beijing hits super-rich with 20% offshore tax. What does it mean for Hong Kong?

For decades, Hong Kong has prospered by managing the wealth of Asia’s elite. Will that change as China introduces tougher offshore tax policies?

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Property investment

Over a quarter of China’s ultra-wealthy in Beijing and Shanghai, report says

Beijing, Shanghai and Guangdong hold most super-rich households as weaknesses in real estate and market volatility weigh on private capital.

The skyline of Beijing on January 7. Photo: AFP
Hong Kong stock market

As Hong Kong shares react to 20% levy report, investors eye Beijing’s next steps

Prudential, AIA and HSBC slid following report of the insurance levy, though Goldman Sachs says profit fallout may be limited.

The Prudential logo is displayed on Star House in Tsim Sha Tsui, Hong Kong. Photo: Handout
Banking & finance

China’s foreign reserves hold steady as external earnings stay in private hands

Hong Kong absorbed nearly two-thirds of mainland China’s portfolio outflows last year and now holds about half of the total external stock, IIF says.

China's tech billionaires

How China’s new offshore trust tax rules could shake billionaires’ fortunes

Soho China founder Pan Shiyi’s Cayman trust faces scrutiny as Beijing’s tax overhaul puts offshore wealth strategies in focus.

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Banking & finance

HSBC share price drops following lower-than-expected US$1 billion buy-back

The buy-back was announced after HSBC’s second-quarter pre-tax profit rose 60 per cent to US$10.15 billion, beating analysts’ estimate of US$9.5 billion.

HSBC headquarters in Central. Photo: Sun Yeung
Banking & finance

Cross-border investment still ‘robust’ despite China’s growing controls: CICC

Beijing’s tightening scrutiny of overseas trading has not significantly harmed ‘legitimate’ cross-border investment flows, lender says.

Gold in Hong Kong

HK’s gold imports set to rise after hitting 11-year high last month: analysts

Investor appetite, international precious metals trading hub ambitions drive growth as imports hit highest volume since late 2014.

Banking & finance

Standard Chartered posts 10% profit rise, launches US$1b buy-back

Share price surges on 38 per cent rise in wealth-management revenue, even as Middle East tensions and bad debt temper profit growth.

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Net profit climbed to a record US$3.37 billion, according to Standard Chartered. Photo: Reuters
Banking & finance

HSBC to relocate senior executive to Hong Kong amid pivot to Asia: sources

Aileen Taylor is set to move to the city as the bank focuses on tapping Asian growth markets and rebuilding its local investment banking team.

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An aerial view of the HSBC bank headquarters in Hong Kong. Photo: AFP
Insurance

Sun Life targets Asia’s booming wealth transfer market with new platform

Insurer joins global scramble to serve Asian clients looking to transfer wealth to next generation via insurance products.

China stock market

As Musk loses US$130b, Chinese chip and AI founders’ fortunes rise

Surging stocks of CXMT, Zhipu and MiniMax create billions in wealth as world’s first trillionaire loses status amid SpaceX’s plunge.

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Mainland China

China targets offshore trusts – including Hong Kong’s – amid tax overhaul

Beijing’s new tax rules aim to close loopholes and boost fiscal revenue amid slowing economic growth and rising fiscal burdens.

The late Zong Qinghou, billionaire founder of soft-drink giant Wahaha Group, pictured in 2017. An inheritance dispute within his family has shed light on the wealth tycoons transfer to overseas accounts. Photo: Getty Images
Banking & finance

Shifting priorities: how affluent buyers fuel Hong Kong’s record insurance sales

Mainland China and overseas wealth, alongside family offices, is driving insurance demand in the city to new highs.

A sales agent promotes insurance policies to tourists in Tsim Sha Tsui, Hong Kong. Photo: Eugene Lee
Banking & finance

HSBC agrees to US$2 billion deal to sell Singapore insurance branch to Allianz

Allianz is set to buy the bank’s Singapore insurance arm, entering a 15-year distribution pact as HSBC streamlines its global operations.

Money Matters

DBS survey shows Chinese investors eye Hong Kong, US to weather volatility

Stocks in mainland markets have underperformed this year, with the Shanghai Composite Index down 3.9 per cent year to date as of Wednesday.

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