Do you know that 95% of the wealthiest individuals in China are connected to the Central gov't? They are sons, daughters or relatives of someone high up and well connected. Wonder what happened to the other 5%? Crooks? Falsifying books? Mabye as the wealthiest person in China was arrested two weeks ago from manipulating companies in order to get loans and all...
A friend of mine who is working for AIA here in HK, her AIG stock value went from HK400,000 to HK9,000.
The booths with Internet access on the 5th floor of HSBC main building are for its Premier customers to do stock tradings. Usually you could not find an empty booth to work or check things online. Today, I was there twice; and both times, they were all empty! Empty! That was unheard of. Also, the waiting area for the Premier customers is a little bit thin. Wonder if there is anything to do with the economy downturn. If I were to give in the pressure of buying all those mutual funds from HSBC, I would have lost over 70% of the value and not qualify for as a Premier customer.
On the surface in Hong Kong, things seems to be quiet and not seeing anything about the economic downturn; but news articles in newspapers are all about that. Well, I could see though with 360s at Landmark, Central; with a receipt of any purchase you get 30% off your food at its food court.
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