Hong Kong Investor David Webb Says City Is Facing ‘Brain Drain’
- Security law has cast fresh doubt on Hong Kong as a global hub
- Webb says workers are already leaving amid political turmoil
This article is for subscribers only.
More talented workers are likely to leave Hong Kong if China imposes a vaguely worded national security law on the financial hub, according to one of the city’s most prominent investors.
David Webb, who amassed a fortune investing in Hong Kong stocks, said the city has already seen a “brain drain” as locals migrate overseas and international companies find it harder to attract expatriates. While details of China’s proposed national security legislation for the territory are still unclear, Webb said a vaguely defined law could fuel concerns among employers including banks that they’ll be liable if staff run afoul of authorities.