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21

Hong Kong-Singapore Stars Fade With Boom-to-Gloom in Finance

By Tony Seruga

China slowdown, capital-outflow risks hang over each city
Both economies seeking new sources of economic growth

Asia’s financial-hub twins, Hong Kong and Singapore, are facing increasing brakes on growth even before potential turmoil from a Brexit vote in their ex-colonial master, with China’s slowdown and the continuing shrinkage of the financial industry striking both.

Hong Kong’s economy unexpectedly contracted in the first quarter, weighed down by falling retail sales and the weakest property market in 25 years. Singapore eked out only a modest expansion in the same period, hurt by weak exports and a downturn in financial services…

Hong Kong-Singapore Stars Fade With Boom-to-Gloom in Finance

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