Foreign residents make up almost 10 per cent of Hong Kong’s 7.5 million population, with expats working in a wide range of industries, including banking, finance, arts, hospitality, health and education.
Business prospects are hurting as more firms see Hong Kong as becoming less competitive relative to other places in the region.
Being told to ‘go home’ in a city that feels increasingly unwelcoming poses a problem when I have few connections to Australia, my country of birth, never mind my ‘ancestral home’ of Munich.
Balance must be struck in trying to lure foreign-trained professionals back to Hong Kong because nobody wins with an undermanned, overworked public medical sector.
A CBRE report cites the scale of Hong Kong’s financial industry and its talent pool as key advantages, while a narrowing office-rent gap tightens the race between the perennial rivals.
Residential rent increases of more than 40 per cent and mounting operational costs mean seven in 10 businesses are considering relocating personnel out of the city state, a survey by the European Chamber of Commerce found.
Last year, rents for private housing in the city state shot up at their fastest rate in 15 years, leading one expat to warn that ‘anyone who can leave is leaving Singapore’.
Singapore home rents surged nearly 30 per cent last year, catching up with the notoriously high rents in rival finance hub Hong Kong and reducing one of the Lion City’s advantages in the war for talent.
Hong Kong companies are among the world’s fastest hiring firms, a new study by human resources platform Deel shows. This suggests that the city’s dearth of talent remains a problem.
Hong Kong was placed 92 in 2022 ranking of more than 500 cities by global human resources consultancy, falling several spots below Taipei.
Those who’ve left may not return, but insiders say Hong Kong’s status as a gateway to mainland China will attract ‘a new wave of expats’ following the money – as Singapore battles rising inflation and soaring rents.
Expats should be open-minded and willing to compromise, say agents, with property typically smaller than in other markets.
New incentives to entice foreigners to move to Hong Kong could be undermined by rents that remain among the highest globally even after unrest and Covid-19.
Networking site InterNations has released its latest ranking of best and worst cities for expats … and Europe accounts for some of the worst
Hong Kong needs to further relax policies on recognition of credentials to attract more Indian talent, stave off competition from Singapore and Dubai, analyst notes.
Former Executive Council convenor urges government to remove more red tape in its quest to attract talent.
Hong Kong professional services firms see lucrative opportunities in fast-growing Southeast Asian region.
Agents report an uptick in inquiries after the city’s hotel quarantine requirement was relaxed. Some returnees found Singapore’s rents higher and its school spots harder to get than they expected.
The rise comes as Singapore tries to attract rich foreigners and talented professionals to bolster its workforce. Analysts said employment opportunity patterns in the regional rivals underscore their diverging fortunes.
The cost of living is a perennial concern in Hong Kong, but perceptions of a lack of interest in improving the environment or of protecting free speech have brought about a slump in its attractiveness
Rents for co-living units have declined by as much as a quarter over the last three years, with occupancy rates stuck at 60 per cent since last year, analysts say. Yet operators remain optimistic.
Saudi Arabia and Dubai are splashing out on shiny new projects to diversify from oil exports, while also seeking to attract new investors and expatriates from China and elsewhere.
Rents in Singapore’s private residential market rose by double-digits in the first half of this year, a rate not seen since 2007.
The city slipped from fifth place in 2020, after a ‘modest’ rise of US$3,800, according to survey by human resources firm ECA International.
Hong Kong districts with shrinking student populations have registered the biggest declines in home rents since January 2020, showing the ‘negative and lasting’ impact of a net outflow of people.
According to an annual cost of living survey by a US consulting firm, Asian cities occupy four of the top 10 most expensive places for international employees.
Hong Kong’s luxury homes bucked the global market trend, becoming the only high-end housing market in 10 major cities to suffer a drop in rents this year, according to Knight Frank