=====

Hong Kong Economy, One of the Few to Survive Pandemic, Collapses over Chinese Takeover
by John Hayward

The Hong Kong stock market was rocked by a massive sell-off on Friday after the Chinese Communist government in Beijing declared its intention to bypass the Hong Kong legislature and impose a draconian security law to shut down the protest movement. That single act effectively ended the island’s limited autonomy in the eyes of many residents and concerned international observers.

AFP reported on Friday that real estate and financial stocks were among the hardest hit as “investors fled for the hills with many worried about Beijing’s increasing influence in the semi-autonomous finance hub and what that could mean for doing business there.”

“Markets are now worried that the city’s freedoms – unseen on the mainland and protected by an agreement made before Britain handed the territory back in 1997 – could be curtailed,” AFP added.

In this respect, Beijing’s proposed security laws are even worse than the notorious extradition law that sparked the Hong Kong protest movement in 2019. ...

Continues:

https://www.breitbart.com/national-security/2020/05/22/hong-kong-economy-one-of-the-few-to-survive-pandemic-collapses-over-chinese-takeover/

*************************************************************