Last week, Morgan Stanley and HSBC cut dozens of jobs in the Asia & Pacific region, with at least 80 percent from mainland China and Hong Kong.

Factors driving away tourists and local spenders alike include the ’mainlandization' of the city, high prices, and Hong Kong’s CCP-controlled administration.

For one major shipping alliance between Maersk and Hapag-Lloyd, Hong Kong is not long featuring as a direct port at all.

With the exodus of foreign capital and the contraction of the financial industry, Hong Kong may only serve as an emigration springboard for Chinese talents.

‘It may reflect a decrease in foreign currencies, especially U.S. dollars, in the balance of the banking system, so we see such arrangements by banks.’

While his opinion has triggered a strong reaction among some, the city’s indexes of real estate, finance, and other areas have corroborated what he’s said.