Hong Kong and Singapore property shrug off fund tax breaks

The long-standing rivalry between Asia’s two leading financial centres is heating up. As Hong Kong and Singapore compete harder for investment talent, tax incentives for fund managers have emerged as the new battleground. A government bill working its way through Hong Kong’s Legislative Council would result in sweeping changes to tax rules on carried interest. The legislation, which is expected to be approved later this year, would offer preferential tax treatment to a wider range of…