Hong Kong protests, China’s tightening grip rattle business community

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FILE PHOTO: Anti-extradition bill protesters stand behind a barricade during a demonstration near a flag raising ceremony for the anniversary of Hong Kong handover to China in Hong Kong, China July 1, 2019. REUTERS/Tyrone Siu/File Photo

Chaotic scenes of protesters rampaging through Hong Kong’s legislature, trashing furniture and daubing graffiti over walls have sent jitters through the business community, which worries about the impact on the city’s status as a financial hub.

Plumes of smoke billowed among gleaming sky-scrapers early on Tuesday as police fired tear gas to disperse protesters in the heart of the Chinese-ruled city, home to the offices of some of the world’s biggest companies, including global bank HSBC.

Escalating unrest over a controversial extradition bill, which would allow people to be sent to mainland China for trial, grabbed global headlines and clouded the former British colony’s outlook as a finance hub, one of the city’s main pillars of growth.

“I think there will be damage to the reputation of Hong Kong,” said Yumi Yung, 35, who works in fintech. “Some companies may want to leave Hong Kong, or at least not have their headquarters here.”

 

Zainab Sa’id