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Tuesday, Sep 28, 2021

Business as usual after asset freeze, says treasury chief

Business as usual after asset freeze, says treasury chief

Hong Kong’s top treasury official rejected concerns that the expansive Beijing-imposed security law will damage the city’s status as an Asian hub for business and finance, Bloomberg reports.
In an interview on Monday, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said he’s heard no concerns in contacts and engagements with the business community.

“Hong Kong is basically what it is -- very much business as usual,” Hui said at his office overlooking the Victoria Harbor. “People see a lot of opportunities here.”

The Oxford-educated Hui, echoing comments of other top officials, said the security law enacted last June has worked to restore stability after sometimes violent protests rocked the city in 2019.

On the company registry, the government has been balancing the need for professionals to access the records as well as the privacy of company directors, whose names, identification and residential addresses have been on a public record for inspection.

Hong Kong will continue to attract business because of its role as a link to mainland China and its rule of law, strong financial regulations and its wealth of experts services including in law, accounting and banking, according to Hui.

“I always jokingly say that Hong Kong is the place where you can sue the government and still win,” he said. “That’s something that has been in place for a long, long time and will continue to be so.”

Hong Kong is also working on putting a listing regime in place for special purpose acquisition companies, even though a boom in such deals seen earlier this year in New York has petered out.

The public could see the proposal “very soon,” he said.

Hong Kong Is Said to Target First SPAC Listing by Year-End.

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