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Harminder Singh

Hong Kong has again ranked as one of the world’s most expensive cities, prompting concerns over its competitiveness and suggestions to scrap “burdensome” areas of doing business.
According to a survey by London-based consultancy the Economist Intelligence Unit, Hong Kong came in as the second most costly city in 2016, after Singapore and ahead of Zurich.
Jon Copestake, editor of the unit’s cost of living survey, said Hong Kong should be concerned by the findings.
He warned that the strong Hong Kong dollar, which continues to drive up prices of goods and services, will continue to have a negative impact on the tourism and retail industry – key pillars of the local economy.
Hong Kong is most expensive city in Asia for expatriates to rent a high-end apartment

“It’s not a surprise that the status quo has been maintained,” Copestake said.
With the local currency pegged to the US dollar, Hong Kong has remained near the top of the rankings, he added.
The survey compared the prices of more than 150 items – including bread, wine, cigarettes and one litre of unleaded petrol – across 133 cities, using New York as the basis for comparison.
Hong Kong was found to be 5 per cent more expensive than the US city.

It also ranked as the most expensive city in the world for fuel at US$1.73 per litre, almost three times the price in New York.
Meanwhile, 1kg of bread will set you back about US$4.61 in Hong Kong, far higher than in Copenhagen where the average price is US$3.55.
Expensive goods and services, as well as high real estate prices, were contributing factors to falling tourist numbers, the survey found.

“The renminbi has been devalued two or three times ... and that’s made Chinese cities relatively cheaper and their spending power much lower,” Copestake said.
He added that the government should consider implementing policies to rectify the issue “perhaps by reducing some of the more burdensome aspects of doing business in Hong Kong”.
Singapore kept its crown as the most expensive city in the world in the survey.
But Copestake said the city state’s ranking was “skewed slightly by the complex system for buying and registering cars”.
The least expensive city was Almaty in Kazakhstan.
All mainland cities fell in the annual ranking, with Beijing dropping the furthest to 47th position.
Weakening consumer sentiment and the devalued renminbi against the US dollar contributed to the fall.


Singapore, Hong Kong ranked world’s most expensive cities in cost of living survey

Hong Kong is the most expensive city in the world for fuel, according to the Economist Intelligence Unit’s latest survey. Photo: David Wong

scmp

A woman uses plastic bag to pick up bread in Causeway Bay. 11OCT15

Members of the public stand on the waterfront next to Victoria Harbour in the Tsim Sha Tsui district of Hong Kong on January 4, 2017. / AFP PHOTO / ISAAC LAWRENCE

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Potential buyers visit sales office of Cullinan West at International Commerce Centre in Tsim Sha Tsui. 18MAR17 SCMP / Edward Wong

Cullinan West sold all 309 flats on offer at its weekend sale Saturday, March 18, 2017. Edward Wong

News

Hong Kong

Hong Kong Economy

Residents are paying a high price for petrol, bread, wine and cigarettes, according to an Economist Intelligence Unit survey


Singapore, Hong Kong ranked world’s most expensive cities in cost of living survey

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Residents are paying a high price for petrol, bread, wine and cigarettes, according to an Economist Intelligence Unit survey

Residents are paying a high price for petrol, bread, wine and cigarettes, according to an Economist Intelligence Unit survey