They rely on a healthy business environment in Hong Kong. The Hong Kong government has revised its 2020 forecast for the city’s economy to a record low range of -6% to -8% amid the global coronavirus pandemic and heightening trade tensions.The latest forecast is worse than the prior projection of -4% to -7%, according to a government statement.
The company did not say it would list shares in New York. Speaking to the BBC under condition of anonymity, directors at some of the biggest international banks and law firms said they are seeing their business in Hong Kong shrink as the protests continue to escalate. He also stressed that Hong Kong-made shipments to the US were worth just HK$3.7 billion (US$480 million) in 2019, less than 0.1 per cent of the city's gross exports. Hong Kong news, breaking news, comment and analysis for Hong Kong. The Hong Kong protests explained in 100 and 500 words Hong Kong in first recession for a decade amid protests After more than five weeks of waiting, the business world is getting its first real look at the controversial national security law that will shape Hong Kong’s future as a financial hub. A video on social media of a man who claims to work at Citigroup being arrested by police has been widely shared in the banking community. "This has scared people here - it makes you feel we could all get caught up in this" A spokesperson for the US-headquartered banking group said: "We are investigating this incident and while investigations continue it would be inappropriate to comment further". "Anecdotally, the political pressure from the Chinese government on banks and law firms is also growing - and it's putting pressure on staff. One of the biggest concerns for financial firms is the impact all of this is having on the economy as its reputation for stability unravels.A source at one of the world's biggest international banks says it expects its Hong Kong revenue to be down by 25% in the last quarter of their financial year as a result of the violence.Many banks are now reviewing their investment plans in Hong Kong over the next few years "If we're still talking about this in six months time, people will start giving up on Hong Kong" They are concerned that people who are planning major deals will now turn to banks and law firms in Singapore because, in the words of one, "it has a more predictable medium-term outlook". These are external links and will open in a new window A banker at HSBC says only half of their staff came in to the office on Friday as people are encouraged to work remotely if they can't get in safely. By Associated Press , Wire Service Content May 28, 2020 "In my team of nine, three are Chinese and two are Hong Kong Chinese and the rest are expats - it's a bit like Brexit - we all have violently different views." The Hong Kong government has revised its 2020 forecast for the city’s economy to a record low range of -6% to -8% amid the global coronavirus pandemic and heightening trade tensions. So far most of the business impact has been on small companies - restaurants for example. He says it was a watershed moment, that's made him and many of his peers question their future in the city. However, the lure of prosperity and stability in the East Asian hub has been undermined substantially since Hong Kong has been racked by five months of anti-government protests, backing increased democracy and opposing the actions of the police.This last week where violence has intensified has made many firms reconsider the safety of their staff in the city. In the workplace, people are making informal rules not to discuss the subject within their teams because emotions are running so high. There is concern amongst bankers, borne out in recent economic statistics, that this could spread more widely. Hong Kong has long been a financial services hub in Asia THE BUSINESS TIMES Hong Kong - Find Hong Kong News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. Financial services make up a fifth of Hong Kong's economy and people come from all over the world to live and work here.