TAIPEI (Taiwan News) – Bankers and asset management companies (AMCs) in Hong Kong told the Bloomberg that the “new rich” class, defined as individuals who own US$10 to 20 million (NT$313 to 626 million) in assets, are seeking ways to quickly transfer their money out of Hong Kong for fear that Beijing will eventually erode the judicial independence of semi-autonomous city.

An AMC manager told Bloomberg that many clients have transferred their funds from Hong Kong to Singapore in recent weeks. An executive director of a private bank also said that the number of clients inquiring how to register assets overseas quadrupled after the recent protests broke out.

This executive director added that the phenomenon is common among all AMCs in Hong Kong. Their clients are building channels for swiftly transferring their assets to another overseas bank account because they worry about the safety of keeping their wealth in Hong Kong.

Clifford Ng (伍守文), a co-managing partner at Zhong Lun Law Firm’s (中倫律師事務所) Hong Kong, which specializes in cross-border transactions and legal services, said that transferring assets overseas is a “free risk hedging management” for his clients.

Ng added that this is a trend that was catalyzed, but not triggered, by the anti-extradition protests. What his clients are truly worried about in the long-term is the year 2047, when China’s promise to adhere to “one country, two systems” and the judicial independence of Hong Kong will expire.

David Chong (張國光), director-general of the family-owned Portcullis Group, told Bloomberg that they are considering setting up headquarters in Singapore, instead of in Hong Kong, for similar reasons.