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在线翻译:
szdaily -> Business
Mainland bankers flock to Hong Kong as expats retreat
    2017-June-20  08:53    Shenzhen Daily

A FLOOD of mainland bankers is changing the social fabric of Hong Kong, as they rapidly expand their footprint in one of the world’s premier financial centers.

Twenty years after Hong Kong’s return, scores of mainland professionals are filling the elite financial ranks of Hong Kong, while a series of lay-offs at Western banks has led to an exodus of expatriates.

The largest increase in mainland staff over the past decade has come in investment banks, with 80 percent seeing an increase of at least 20 percent, according to a 2015 Financial Services Development Council survey.

Mainland initial public offerings (IPO) dominate the Hong Kong market, the world’s largest IPO market in 2016 when mainland offerings represented 80 percent of all new listings, according to Thomson Reuters data.

Hong Kong’s financial services industry accounts for 18 percent of the territory’s economy, compared with just 10.4 percent in 1997.

Evan Zhang, a 26-year-old from Guangdong Province, is one of those new kids on the block in Hong Kong. For Zhang, one of the younger hires at CITIC Securities International, the increasing outward flow of mainland capital in recent years is an opportunity.

“With Chinese people more willing now to allocate assets overseas, and overseas investors willing to invest in China, I can play a go-between role to help them,” he said.

As top banks such as Goldman Sachs, UBS, and Bank of America trim their Asia headcount, businesses across Hong Kong have taken a direct hit.

Bo Innovation, a Michelin-star restaurant, said its Western expat customers fell roughly 10 percent in the last 10 years, according to owner and executive chef Alvin Leung. Mainland clients increased by about the same percentage, he added.

Western companies are also increasingly turning to more affordable locations such as Quarry Bay, at a time when mainland companies are boosting their presence in the prime Central district, according to Tom Gaffney, a managing director at real estate services firm CBRE.

The value of a typical expat package for middle managers in Hong Kong, has fallen by 2 percent in U.S. dollar terms over the past five years, while the value of their benefits has fallen 5 percent over the same period, according to consultancy firm ECA International.

“I have seen an enormous change in the expat landscape and packages offered,” said Christine Davis, a manager at international relocation firm The Santa Fe Group who was an expat in Hong Kong in 1999-2001 and again since 2011.

Everything was paid for by hosting companies in the past, she said, but now expat terms had been reduced “drastically.”

Hong Kong dropped two places to 13th in the world in HSBC’s 2016 Expat Explorer Survey, which measures various aspects of expat life.(SD-Agencies)

 

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