Asia update - July 2020

22 July 2020

Here is the latest update from Asia Representatives

Wendy Weng - China

With everything going on around the world, it was important that Guernsey Finance kept up its work in China, before, during and after lockdown. Wendy referred a Chinese fund client to a Guernsey law firm in February. The fund will be about £30 million to start up companies in the US, UK and China. The law firm introduced them to Guernsey fund administrators and the fund has now been set up in the island.

Dorothy Kwok - Hong Kong

Due to the new wave of coronavirus in Hong Kong, civil servants and most firms are back to working from home to maintain the social distancing. Hong Kong will have to impose a lockdown if the resurging number of infections keeps rising, health authorities have warned.

A large majority of American companies in Hong Kong said they were concerned about the new national security law passed by China last month, according to a survey conducted by the American Chamber of Commerce in Hong Kong — but over 64% said their companies had no plans to leave the city. The New York Times said it was moving its digital news hub from Hong Kong to South Korea as a result of a national security law in Beijing and trouble obtaining visas. The fiduciary industry in Guernsey can provide professional opinions and offer services on asset restructuring and relocation - please let us know if you would like to know more about this.

As we cannot hold our annual Hong Kong Masterclass in person this year, Guernsey Finance will host a webinar in September. We have invited lawyers, fund managers and associations to share the experience in facilitating the development of green finance and sustainable investments. More details will follow in due course, please stay tuned!

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