In a news article published in the Straits Times on 3 July 2019 on the outflow of funds from China and Hong Kong into Singapore following the unrest in Hong Kong, Stefanie Yuen Thio said: “We are a natural safe harbour for mainland Chinese to park and diversify their assets and funds. Now, we are also seeing more Hong Kong money looking for sanctuary here… Our real estate prices have also risen recently. However, it is hard to say how sustained the interest will be or if it is just a knee-jerk reaction.”

She added: “A lot of MNCs site their North Asian headquarters in Hong Kong, where they feel that the ‘one country, two systems’ policy guarantees more independence and due process. If they now fear that the extradition Bill could be used by the Chinese government to crack down on corporates whom they have issues with – even if the Chinese government does nothing of the sort – then MNCs will have to consider pulling out of HK or at least reducing their presence there and recalling their top executives.”

The story can be found here: https://www.straitstimes.com/business/more-in-mainland-china-hk-parking-funds-in-spore-observers