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.
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". In fact, the flood of cash has been so high that the Hong Kong Monetary Authority had to sell HKD 15.5bn ($2bn) to the market, in an effort to push down the currency. 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.