Mainland investors rush for offshore assets

Big increase: People visiting the HSBC Holdings Plc booth during an expo in Hong Kong. The lender says new account openings in the city rose by more than three times in 2023. — Bloomberg

HONG KONG: Hong Kong investment products such as insurance and high-yield time deposits are seeing resurgent demand from wealthy Chinese who are aiming to shield returns from a domestic economic and property sector downturn and also a weaker currency.

The trend became evident last year but has accelerated in recent months after China relaxed investment rules for the “wealth connect” programme in February, Hong Kong wealth managers said.