China-Hong Kong Wealth Link’s Slow Start Blamed on Travel Limits
- Investor association cites difficulties connecting customers
- Wealth Management Connect has been running since October
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Hong Kong’s highly touted wealth link with the Chinese mainland is being hampered by travel curbs that make it hard for new customers to meet bankers.
As of April, the program had attracted only 940 million yuan ($140 million), or about 0.3% of the total quota, since its inception in October. Marketing is restricted on the Wealth Management Connect scheme and strict quarantine measures make it difficult for bankers to travel in person in search of new business.