China’s devaluation of its currency, its slowing economy and its tanking stock market have been a boon for Hong Kong’s money-changers, bankers and wealth managers, who are getting flooded with business from nervous Chinese eager to move cash overseas. Hong Kong has long been the financial entry point for foreigners into China and the first place mainland Chinese visited and parked their cash. Now, fear that the yuan will fall further is making the former U.K. colony, where the currency is pegged to the U.S. dollar, a haven. ...
China's slowing economy has been a bonus for Hong Kong's bankers, money changers and wealth managers, who are seeing an influx of cash from nervous mainlanders. Noah Holdings Group President, Kenny Lam, said "the devaluation of the yuan and the volatility of the domestic market are forming a perfect storm". The Chinese government is also trying to boost its own economy. This is coupled with an increased demand for ultra-high-end homes in Hong Kong, as mainland Chinese look for other havens for their money.