Easy money draws droves of Hong Kong investors
What should have been a humdrum day of selling banknotes marking the Bank of China’s 100th anniversary spun out of control into a “Get rich quick” opportunity that drew frantic investors by the hundreds.
Persons eyeing instant fourfold profits mobbed the bank's 50 branches in the city beginning Feb. 12, the day before the sale started, and on Feb. 13.
Those able to buy the special HK$100 notes, which were sold by the bank at HK$150 (US$19.35) each, were reselling the notes for as much as HK$700 apiece outside the bank’s headquarters. Customers were limited to buying two notes each.
The "overwhelming response" prompted Bank of China (Hong Kong) Ltd. to distribute reservation slips to queuing customers.
The bank is offering 1.1 million single banknotes, contained in a commemorative folder, through 50 branches in the city until Feb. 20. It will also sell 100,000 sets of three uncut HK$100 notes for HK$600 each and 20,000 sets of 30 HK$100 uncut ones for HK$6,000 a set by subscription.
The bank could raise close to US$19 million for charity through the sale.
|
|
Sign up for our weekly newsletter
|
Do you know more about this story? Contact us anonymously through this link.
Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.
Tags: Bank of China’s 100th anniversary
_0.JPG "Hong Kong banks susceptible to massive Eurozone recession")
