What are Hongkongers going to do with their HK$10,000 payout? Bet on the stock market, from the looks of it
Starting this week, each permanent resident of Hong Kong will be eligible to receive HK$10,000 (US$1,290) in a one-time cash payout, part of the government’s HK$55 billion financial stimulus to help the city survive its worst recession on record.
Hong Kong’s Financial Secretary Paul Chan Mo-po, the architect of the financial disbursement, would prefer the city’s residents to spend that money dining out, shopping, travel locally or pay for their utility bills. Chances are that Hongkongers will redirect that money towards the stock market, where they can put it to better use in one of Asia’s cheapest bourses, and to subscribe for two dozen initial public offerings (IPOs) in the pipeline.
“I will use it to invest in the stock market at the right time,” said Irene Chan, a white-collar professional working in the Central business district. “HK$10,000 is not a large sum of money. My aim is to double