Hundreds – possibly thousands – of foreign expatriate professionals have left or are planning to leave Hong Kong due to its strict coronavirus restrictions, threatening to dent the city's standing as one of the world's financial hubs
Sibree, who said she had enjoyed the previous five years in Hong Kong, is one of hundreds – possibly thousands – of foreign expatriate professionals who have left or are planning to leave, threatening to dent the city's standing as one of the world's financial hubs.
However, "zero COVID" is no closer – 140 new infections were reported in Hong Kong on Sunday - and there are no signs of the government easing those restrictions. As a result, more expats are thinking of leaving, and global banks, asset managers and corporate law firms are facing up to many of their staff exiting after annual bonuses are paid out in the first three months of the year, headhunters and industry executives told Reuters.
"For the fastest growing sector of wealth and asset management there is a lack of trained supply of talent. If draconian travel restrictions continue for an undefined and lengthy period, the talent issue will become all the more serious," said Tara Joseph, president of the chamber. "Many in the industry also expect that eventually many jobs in the sector will be taken up by mainland Chinese talent, leading to a big talent shift.
Meanwhile, the total number of visa applicants from all countries under the 'general employment policy' fell by a third last year to 10,073. Applicants for the financial services sector were down 23%. Rival Asian hub Singapore is the main beneficiary of that, said Christian Brun, chief executive of recruitment firm Wellesley.
"Some of the kind of international vibe we have in the city will change. It will continue to boom, but it will be more with Chinese characteristics," Kenneth Gaw, president of Gaw Capital Partners, said at a conference earlier this month.
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