Financial Sector Of Hong Kong Crunches Due To Expatriates’ Leaving It Citing Excessive Covid Restrictions


Image Credit – Reuters


In the latter half of the last year, Tania Sibree quit a fat salaried job financial services lawyer in Hong Kong and returned to her home in Australia. She said that she had to decide due to the lim[position of the lockdown restrictions.

Sibree said that thousands of other expatriates might have decided to leave the world’s one of the biggest financial hubs.

She said, “The hotel quarantine made it just so tough for people to travel and that was a big incentive being in Hongkong, it was close to my home and parents. But you can not do that long in hotel quarantine with kids.”

Hong Kong only has recorded 13000 covid positive cases from the total population of 7.4 million. Beijing’s policy of zero Covid rather than adapting the lives with the virus has made it more difficult to continue the works in the territory.

Hong Kong has followed very strict guidelines for the lockdown and restrictions for the last two years. Last year, it introduced some new laws, allowing only the citizens to go anywhere in the city and three weeks of quarantine for the foreigners.

An anonymous capital market investment banker said, “As a banker, you’re much being better off in Singapore. You can travel and once or twice a year you could take the bullet and come to Hong Kong and do quarantine if you need to.”

American Chamber of Commerce has surveyed lately that more than 40% of members wish to leave Hong Kong showing international restrictions in travel.

The president of the chamber Tara Joseph said, For the fastest growing sector of wealth…..there is a lack of trained supply of talent. She further added showing her concern over the growth, “If the draconian travel restrictions continue for the undefined and lengthy period, the talent issue will become more serious.”

Hong Kong government has turned down all the concerns and said that fighting against the virus is the top priority of the nation. For the good of the whole city, it is more important to save the lives of the citizens, and that will be an investment in creating new talent in the future.

“We believe Hong Kong will continue to bring together talents from local and international sources.