Beijing tax rule is slowing Hong Kong’s insurance sales to mainlanders, official says

Beijing’s newly enforced tax rules put off mainland visitors from buying insurance policies in Hong Kong in the third quarter of the year, according to Insurance Authority CEO Clement Cheung Wan-ching. “We have seen some mainlanders taking a wait-and-see approach to buying insurance policies in Hong Kong as they need time to study the tax rules,” he said during a media briefing at an insurance conference on Thursday. China has tightened controls over mainland families’ use of cross-border wealth…

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