Hong Kong may allow private jets for bankers about to exit Covid
Hong Kong may allow private jets for bankers about to exit Covid
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Hong Kong is unlikely to make major changes to Covid restrictions for inbound travellers before a banking summit next month, but it is considering concessions such as allowing attendees to leave the city via private jet if they test positive for the virus.

According to people familiar with the matter who asked not to be identified because they are not authorised to speak publicly, the health bureau is in discussions with the Hong Kong Monetary Authority to finalise details for the two-day summit scheduled for early November, including what to do if a participant is infected.

According to the sources, one option being considered is allowing the Covid-positive person to leave the city on a private jet if arrangements can be made to keep them isolated while travelling from their hotel to the airport and while waiting for their flight. If someone who does not have access to their own plane tests positive, they will be allowed to isolate in their hotel room, according to Hong Kong’s current rules. One of the people said that they wouldn’t be able to leave on a commercial flight.

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According to the people, the majority of attendees will stay at Hong Kong’s Four Seasons hotel, where the summit will be held, allowing authorities to manage them centralizedly. They said that discussions about how the summit will proceed are still ongoing and that details could change.

According to a statement from the Hong Kong Monetary Authority, the government has approved a set of infection control arrangements for the summit, which will help the event and business activities. Emails seeking comment from Chief Executive John Lee’s office were not immediately returned. Inquiries were directed to the HKMA by a spokesman for the government information office.

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The summit is expected to attract 200 participants from more than 100 major global firms, including banks, securities firms, asset managers, private equity and venture capital firms, hedge funds, and insurers. Goldman Sachs Group Inc. Chairman David Solomon, Blackstone Inc. President Jonathan Gray, and Morgan Stanley Chief Executive Officer James Gorman are among those attending.

Hong Kong has relaxed some of its most stringent Covid restrictions, including eliminating mandatory hotel quarantine entirely, in the run-up to a series of events aimed at reviving the city’s global reputation. The changes fueled speculation that the hub could go even further and remove the three-day restriction for new arrivals that prevents them from going to bars or eating at restaurants while allowing them to take public transportation and go to work.

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Officials have struck a more cautious tone as the daily case tally rises. On Wednesday, Chief Executive Lee reaffirmed his plan to gradually ease virus measures in order to avoid “backtracking,” while emphasising that the city’s reopening efforts must not endanger mainland China, which continues to adhere to a Covid Zero policy even as the rest of the world lives with the virus.

According to the people, participants in the financial summit may be granted exemptions from the three-day limit in order to attend specific events or venues, such as restaurants at the Four Seasons. All attendees must participate in the city’s PCR testing regimen, though the number of tests required is up for debate, according to the people.

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The summit’s goal is to show the global financial community that Hong Kong is open for business after nearly three years of Covid curbs that battered the economy and sparked a brain drain. However, the number of rules that remain in place, as well as the need for exemptions for attendees, demonstrate how far the city has fallen behind other financial centres, particularly regional rival Singapore.