China tax move hits Hong Kong insurers as AIA drops 8.2%
What's new: A reported 20% tax on offshore policy returns raised fears mainland buyers will pull back from Hong Kong products.
Bloomberg, CNBC +2
Subject
#Prudential
China offshore tax move hits Hong Kong insurers, AIA drops 8.2%
Why it matters: A 20% tax on some offshore policy returns could curb mainland demand for Hong Kong insurance and other cross-border products.
HSBC, AIA and Prudential sink on Hong Kong account curbs
Why it matters: tighter checks on mainland clients could slow a lucrative flow of cross-border banking and insurance sales in Hong Kong.