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Hong Kong's wealthy move gold out of city on security law fears
By Primrose Riordan
Financial Times, London
Friday, August 7, 2020
Hong Kong's wealthy are moving increasing amounts of their gold out of the financial hub after Beijing imposed a new national security law on the city last month, dealers in the precious metal say.
Private-sector investors have shifted about 10 percent of their physical gold from the territory to countries such as Singapore and Switzerland over the past 12 months, according to Joshua Rotbart, head of J Rotbart & Co, a Hong Kong-based gold dealer and storage provider.
... Dispatch continues below ...
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The trend started last year during anti-government protests in the city and has picked up with the passing of the security law, as investors fret about political uncertainty and the rule of law.
"Many clients now perceive Hong Kong as riskier than other jurisdictions," Rotbart said. After the national security law was passed, he could "see an immediate response from Hong Kong residents ... asking to store it somewhere else." ...
... For the remainder of the report:
https://www.ft.com/content/7bccc383-f187-4bf0-a043-738f73a17b48
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