Experts dismiss back-office shift to Shenzhen

A proposal by Hong Kong's central bank for fund managers to shift back-office operations to Qianhai is overly ambitious and will only succeed if government incentives are provided, say industry figures. The plan was put forward by Peter Pang, deputy chief executive of the Hong Kong Monetary Authority, at an industry event late last week. Qianhai is a 15 km² financial development zone and a test-bed for cross-border renminbi business in Shenzhen. Beijing has backed Qianhai to bec…