Around 980,000 mainland China visitors are expected to enter Hong Kong during the five-day Golden Week holiday starting Friday, a 7% increase over last year [1]. The Immigration Department expects about 6 million total entries and exits over the period [1].
Major banks in Hong Kong including HSBC, Standard Chartered, Bank of China (Hong Kong), Citigroup, DBS Hong Kong, ICBC Asia, Bank of East Asia, and Hang Seng Bank have extended their branch hours through the weekend to cater to these visitors [1]. These institutions are offering a range of incentives to entice wealthy mainland clients to open accounts and purchase wealth management products.
HSBC is providing one of the most prominent offers. Customers who invest at least HK$20 million can qualify for a Royal Caribbean cruise suite valued at HK$18,000 (US$2,307), in addition to an HK$88,000 welcome package [1]. Other incentives across the banks include gold bars, luxury cruises, Dior beauty services, and hotel vouchers for Rosewood Hong Kong [1].
Frankie Yan of HSBC Hong Kong said, "Golden week is a rare window when many mainland customers are in Hong Kong at the same time. Instead of just a holiday excursion, we know they want to get personal chores done – including banking." [1]
The sales push by banks coincides with the peak travel period, designed to capture demand as affluent mainland visitors spend and manage wealth in Hong Kong. The Golden Week holiday ends on May 8, when normal branch hours and sales activities are expected to resume [1].
