Global banks are reportedly concerned about the Hong Kong government’s policy decisions with regards to strict quarantine rules and potential damage to its hub status, following the recent wave of infections.
Global banks have contacted Asia Securities Industry & Financial Markets Association (ASIFMA) – a regional capital markets industry body – to express the concerns, according to a «Financial Times» report citing unnamed sources.
This is in response to the latest cluster discovered from a gym that subsequently led to the lockdown of nine buildings in Central and Mid-Levels – a district that is widely popular for residence amongst expatriates.
Excessive Measures
The report cited multiple executives that expressed dissatisfaction in the government response, highlighting, in particular, the issue of possible separation of children and parents. Some also highlighted such strict coronavirus-linked measures as a potential driver of talent exodus out of Hong Kong.
Separately, Morgan Stanley allegedly approached ASIFMA several months ago to consider whether or not global banks in the city should challenge the strict travel quarantine rules.
After around 100 confirmed cases linked to the gym cluster were discovered, nine buildings in a district were forced to lock down and numerous banks have closed floors for deep cleansing and advised staff against coming into office.
