Tensions in Greater China have led analysts to warn that many businesses can move from Hong Kong to Singapore.
If realized, the prediction will be a blow to Hong Kong after months of political turmoil that has rocked the region. Dong added: "Hong Kong's status as East Asia's premier financial center is supported by Hong Kong's unique status under "one country two systems" granted by China during the 1997 handover from Britain to China."
Dr Wu said: "The bill has strengthened the expectation that money would further be leaving the Asian financial hub, such an important bridge between China economic engine and the rest of the world." Jeffrey Halley, senior market analyst, Asia-Pacific at OANDA, said: "The big winner out of this could be Singapore if we do see an exit of companies from Hong Kong.
But Hernando Gomez, principal-in-charge of the business valuation division at MBAF, thinks it may not be that easy for Singapore to snatch business from Hong Kong, as the island is facing its worst recession in the history of its independence. "One could say that some rival cities like Singapore or Shanghai may benefit from the chaos but unfortunately, under the current circumstances, I do not see that many winners as the city has been dragged into a recession.
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