Hong Kong ATM withdrawals surge
As a Hongkonger, believe it or not I noticed this happened few months ago. You can see the Chinese guys appear in Jordon and Mongkok at night time. They stand in front of the ATM keep withdrawing cash card to card and occupied the ATM for a fucking long time! (You must notice that because Hong Kong people are impatient, haha!)
Sadly you can't do anything with it. The government said: "they didn't against any law they can have many cards to withdraw cash."
In my opinion, they are trying to move their asset away from China. They think of an easy way to across the China border by using the credit card and withdraw cash when you are not in China. You may ask why they need to do that? I can say the image that you think of China is fake. It's fancy, lots of chances, still dreaming of the "if every Chinese give me 1 dollar, I will become a billionaire!" miracle. Don't live in the fancy bubble, it's time to wake up.
Let me tell you about the real China. Everything is about politics, it's about who you knew. It's about relationship and corruption. If you want to do business first you need to know somebody to "guide" you what kind of licenses that you need to get in order to start a business in China. These guys they may worked in the government so you need to make friend with them by binge eating tonnes of dinner, drink lots of alcohol with them and give a lot of presents to them. So when you can do less on the paperwork. But there is no a clear guideline that how many times of dinner and wines and presents that you gave will be ensured you will get the quick assess of the paperwork. Eventually, the people that you made "friend" with, they are fake. Haha......
If you are not interest to start a business in China you wanna buy things in China. What would happened? They try to cut down the cost by using toxic chemical to make milk powder, shampoo...... Even the eggs you eat are faked. The houses are fake using bad quality concrete even there is only very thin layer of concrete and filled up with newspaper! You may ask why you can't hear people against the government? Because they are all under surveillance even they had been caught for no reasons in psychiatric wards and years later the government tell their relative he / she suicide and we just burnt their bodies.
This is the real China. Will you trust this country? The funny thing is Hong Kong is under controlled by this country.
My advise is try to keep more US dollar and avoid using Alipay and Taobao because you don't know when Hong Kong dollar will be replaced by Yuan. The politicians and the enterprises they all try to promote an image that using real money to pay it an old school stuff. We should use Alipay:
Hong Kong people are still living in a fancy bubble. Work hard and save for the down-payment (it would be around 2 millions of HKD......) then spend the rest of 25 - 30 years for the mortgage of your house. Then you nearly reached 60 years old. It's year 2047, Hong Kong lose the protection of Basic Law and it become a city of China, it adapted to 1 country 1 system.
That's the end of Hong Kong. And again, Hongkonger still didn't wake up or they are just pretend sleeping. I don't know......
HONG KONG (Reuters) - Cash withdrawals at Hong Kong ATMs have surged, prompting scrutiny from monetary authorities, the banking industry and police amid media reports that mainland Chinese are withdrawing hundreds of thousands of dollars using up to 50 cards at a time.
The Hong Kong Monetary Authority (HKMA) declined to provide data on cash withdrawals at ATMs over the past three months but said monthly cash withdrawals using mainland bank cards ranged between HK$2 billion ($255.7 million) and HK$6 billion in 2017.
“The HKMA is aware of media reports about people using multiple mainland cards to withdraw cash at ATMs in Hong Kong,” the central bank said in a statement, adding that it was “monitoring the situation and is in discussion with the banking industry and the police about this issue”.
The HKMA said that rule could impact withdrawals in Hong Kong.
In recent weeks, Hong Kong media have reported several cases of mainland Chinese being robbed of hundreds of thousands of dollars after withdrawals using multiple ATM cards.
The HKMA said it was not against the law for a person to withdraw cash from ATMs on behalf of others, exposing a potential loophole that could make it hard for authorities to crack down on mass withdrawals.** Read more......
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