Rapid closures in Hong Kong’s catering industry have raised suspicions of money laundering.
Recent reports suggest that a large amount of capital is being transferred out of China through various channels. In May, renminbi deposits in Hong Kong exceeded 1 trillion, reaching a record high. Since the full reopening of the Hong Kong-China border in early 2023, over 130 mainland Chinese restaurants have entered Hong Kong, with many closing shortly after opening. Analysts believe this seemingly perplexing phenomenon is another way to move capital out of the mainland.
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Hong Kong Done! From Shopping Paradise to Laundering Hub, Restaurants Mysteriously Shut in 2 Months
