HSBC, StanChart, DBS tap Golden Week visitors drawn to Hong Kong’s cash-for-residency scheme
- HSBC, Standard Chartered and DBS Hong Kong offer programmes for visitors who are interested in the newly-launched cash-for-residency scheme
- Certain branches of the city’s banks will remain open on all days of the holiday period as over 800,000 mainland visitors are expected to arrive in Hong Kong
International school visits, property outlook seminars, lucky draws and wine tastings are just some of the freebies that major Hong Kong banks have in store for mainland Chinese customers visiting the city during the Labour Day “golden week” holiday.
The holiday, which runs between May 1 and May 5, is expected to draw more than 800,000 mainland Chinese tourists to Hong Kong, according to Hong Kong’s Chief Executive John Lee Ka-chiu.
Capitalising on the surge, certain branches of HSBC, Standard Chartered, DBS, Hang Seng Bank, OCBC, Citi, ICBC (Asia) and China Citic Bank International (CNCBI) will remain open on all days of the holiday period to facilitate services including new bank account opening and sales of wealth-management and insurance products.
HSBC, the biggest lender in the city, offers programmes for visitors who are interested in the city’s Capital Investment Entrant Scheme (CIES). Launched in March, the scheme allows wealthy individuals and their families to gain fast track residency when they make investments of at least HK$30 million (US$3.8 million) through banks or brokers to buy stocks, bonds, deposits, funds, investment-linked insurance policies or non-residential properties.
“Customers are particularly interested in residency or investment opportunities in the city,” said Winnie Ng, head of distribution sales management, wealth and personal banking at the Hong Kong office of HSBC.
“These customised experiences not only meet the changing lifestyle and needs of our customers but also offer valuable insights into investment and international education services in Hong Kong.”
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HSBC has planned a series of events during the holiday period, including international school visits for prospective students, property outlook seminars, investment lunches, spirits tasting events, aromatherapy sessions, and Victoria Harbour cruises with Peninsula afternoon tea.
Standard Chartered and DBS Hong Kong also have programmes to introduce customers to the investment migration scheme.
“The CIES allows the bank to help high-net-worth individuals looking to invest in Hong Kong,” said Ajay Mathur, head of the consumer banking group and wealth management of DBS Bank (Hong Kong).
“By addressing customers’ growing interest in the Hong Kong property market and their needs to provide the best education for their children, DBS has partnered with property and education agencies to co-host seminars or events.”
Standard Chartered has reacted to customer enquiries about the new CIES scheme, launched in March, with a host of services, according to a spokeswoman.
CIES applicants who open a Priority Private account at Standard Chartered will get a cash rebate of HK$68,888, subject to conditions. New clients who open a priority banking account can get a rebate of HK$22,000 and other rewards, including a Shanghai-Okinawa cruise trip.
CNCBI is offering new customers Shangri-La reward points worth over HK$11,000, while ICBC Asia offers new wealth management client a free credit card payment of HK$22,000. Both lenders are offering higher deposit rates to draw new customers during the period.
Hang Seng Bank, a subsidiary of HSBC, and Citibank are offering spending vouchers and cash rebates to attract new private banking customers.
“As one of Citi’s wealth hubs, Citi Hong Kong has been capitalising on the emerging opportunities in the Greater Bay Area,” said Josephine Lee, head of Citigold and cards & lending sales at Citibank Hong Kong.
“In response to the expected influx of visitors to the city during the coming Labour Day Golden Week, our Nathan Road Branch will be open on May 1 [a public holiday] to better accommodate the banking needs of our customers.”
