Hong Kong can turn Brexit challenges into opportunities, says CY Leung
The city’s financial institutions 'passed their stress test'
Chief Executive Leung Chun-ying has led top officials in expressing confidence Hong Kong can seize advantages while facing up to any financial turmoil triggered by the British vote to leave the European Union.
“I have every faith and confidence in Hong Kong business people and investors in turning challenges into new opportunities,” Leung told the Post in an exclusive interview.
“Just in the last couple of hours, I had a couple of phonecalls and emails from Hong Kong-based business people saying, now that the pound has devalued to a level that’s the lowest in about 35 years, real estate and shares in the UK, particularly London, have become very attractive because they are now that much cheaper.”
Leung said as long as they were not complacent and remained watchful of volatility, Hongkongers should be able to seize opportunities for themselves.
“I have every confidence in the UK economy. It has survived many challenges and has grown bigger and stronger despite them.”
I have every confidence in the UK economy. It has survived many challenges and has grown bigger and stronger despite them.
Leung said the government and local financial regulators had prepared for the turmoil that saw the Hang Seng Index plunge nearly 1,000 points intraday while the pound plunged 12 per cent intraday.