How to expedite China service payments
Haymarket Media shows how the right advisor, regulatory change, and project management can help an SME speed up its China remittances.
Magazine and events publisher Haymarket Media Ltd successfully transferred Rmb3.4 million ($550,000) from its China operations to Hong Kong on September 24. The process took about two months, considerably shorter than the previous two attempts and something its regional CFO was very proud to announce.
“It’s easier [to transfer the money offshore] than before. This allows us to minimise our lazy cash sitting in bank accounts in China, and better use the money for investment or leverage management,” said David Newton (pictured), CFO of Haymarket based in Hong Kong.
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