Hong Kong businesses consider move to Singapore: survey

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Hong Kong Businesses Consider Move To Singapore: Survey

Almost a quarter of businesses in a new survey by the American Chamber of Commerce in Singapore are considering leaving Hong Kong to escape ongoing protests, with most looking to Singapore as their favoured location, according to a Bloomberg News report.

Some 23 per cent of surveyed companies with an office in Hong Kong are thinking about moving business functions from the city, while one per cent already have plans to relocate, the poll found. Of those firms, 90 per cent see Singapore as the best option — beating any other destination in Southeast Asia or elsewhere.

Some 80 per cent of respondents said the protests have impacted their future investment decisions regarding Hong Kong.

The Chamber conducted the poll in August 2019 across 120 companies with regional head offices mainly in Singapore and branch offices in Hong Kong. While the survey represents a modest sampling of businesses in the two financial centers, the data shed light on corporate sentiment around a sensitive issue.

Meanwhile, Singapore officials have been reluctant to celebrate any wins. Chan Chun Sing, the city state’s minister for trade and industry, warned that “continued disruptions to Hong Kong’s stability will have negative spillover impact on Singapore and the region given these close linkages” in trade and investment.

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Almost a quarter of businesses in a new survey by the American Chamber of Commerce in Singapore are considering leaving Hong Kong to escape ongoing protests, with most looking to Singapore as their favoured location, according to a Bloomberg News report. Some 23 per cent of surveyed companies with an office in Hong Kong are thinking about moving business functions from the city, while one per cent already have plans to relocate, the poll found. Of those firms, 90 per cent see Singapore as the best option -- beating any other destination in Southeast Asia or elsewhere. Some 80 per...

Reading Time: 1 minute

Hong Kong Businesses Consider Move To Singapore: Survey

Almost a quarter of businesses in a new survey by the American Chamber of Commerce in Singapore are considering leaving Hong Kong to escape ongoing protests, with most looking to Singapore as their favoured location, according to a Bloomberg News report.

Some 23 per cent of surveyed companies with an office in Hong Kong are thinking about moving business functions from the city, while one per cent already have plans to relocate, the poll found. Of those firms, 90 per cent see Singapore as the best option — beating any other destination in Southeast Asia or elsewhere.

Some 80 per cent of respondents said the protests have impacted their future investment decisions regarding Hong Kong.

The Chamber conducted the poll in August 2019 across 120 companies with regional head offices mainly in Singapore and branch offices in Hong Kong. While the survey represents a modest sampling of businesses in the two financial centers, the data shed light on corporate sentiment around a sensitive issue.

Meanwhile, Singapore officials have been reluctant to celebrate any wins. Chan Chun Sing, the city state’s minister for trade and industry, warned that “continued disruptions to Hong Kong’s stability will have negative spillover impact on Singapore and the region given these close linkages” in trade and investment.

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