Hunting the lion city
When John Tsang, Hong Kong’s financial secretary, extended the private equity industry a significant tax incentive in last week’s budget, it was presented in the wider context of encouraging more funds to domicile in the territory. In some quarters, this was interpreted as a move by Hong Kong to challenge the Cayman Islands’ hegemony over fund incorporations. Not so, or at least, not yet.
Given the upheaval in the regulation of offshore financial services in recent years, it is not beyond the realms of possibility that Cayman might one day be toppled. But a more immediate competitive threat...
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