Thursday, November 26, 2015   

Funds body unfazed by `through train'

Thursday, April 24, 2014

The Hong Kong Investment Funds Association says the Shanghai-Hong Kong "through train" won't stop mainland visitors from buying funds in the SAR, as there is still large room for growth.

More than 20 percent of mainlanders bought investment products in Hong Kong, while 16 percent invested in funds, a survey of 2,000 tourists from four leading cities in December found.

The association believes more than a million mainland tourists bought financial products here, and the figure will double in 2015. On average, they spent HK$90,000, with the most popular products being local and China equity funds.


About 48 percent chose to buy funds via independent financial advisers, while 39 percent opted for banks, and 25 percent for insurance firms.

Moreover, 95 percent of those who have invested in funds in Hong Kong said they will buy more in the future, and more than half of those who have not bought said they may buy. Also, more than half said they are interested in the Capital Investment Entrant Scheme, which requires investing HK$10 million locally to become a permanent resident.

Association chairman Bruno Lee Kam-wing believes the cross-border stock trading scheme will not deter mainland travelers' eagerness to invest in Hong Kong, as just 12 percent of visitors choose to invest in equities.

Hong Kong Institute of Certified Public Accountants president Clement Chan Kam-wing said regulatory reform on auditing listed firms is in progress.


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