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Hong Kong protests

Fearing capital flight, Hong Kong eyes tax breaks for the rich

Territory's $1.5 trillion wealth industry lobbies for help amid the protests

Five months of unrest have prompted the very rich to make plans to protect their wealth, with about $4 billion in capital fleeing Hong Kong in September, according to Goldman Sachs.   © Reuters

HONG KONG -- Fearful that a trickle of capital outflows could become an exodus, Hong Kong authorities are offering private banks and family offices a range of incentives that could include tax cuts to try and bolster the city's $1.5 trillion wealth management industry, the Nikkei Asian Review has learned.

The move follows over five months of unrest that has left some of Hong Kong's streets looking like a war zone, and prompted some tycoons to make contingency plans to protect their wealth. Around $4 billion of funds left Hong Kong in September, according to Goldman Sachs.

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