Factors driving away tourists and local spenders alike include the ’mainlandization' of the city, high prices, and Hong Kong’s CCP-controlled administration.
With the exodus of foreign capital and the contraction of the financial industry, Hong Kong may only serve as an emigration springboard for Chinese talents.
‘It may reflect a decrease in foreign currencies, especially U.S. dollars, in the balance of the banking system, so we see such arrangements by banks.’
While his opinion has triggered a strong reaction among some, the city’s indexes of real estate, finance, and other areas have corroborated what he’s said.