Hong Kong has always been known for its bustling metropolis, fast-paced lifestyle, and impressive skyline. However, recent reports suggest that it is not only the city’s skyscrapers and tourist attractions that make it an attractive place to live in. In fact, Hong Kong’s Chief Secretary for Administration, Paul Chan, has recently shed light on the city’s “perfect” liveability and low taxes, making it a prime destination for expats and investors alike. In this article, we’ll dive deeper into the reasons why Hong Kong continues to draw attention from people looking for a new place to call home.
Hong Kong and Singapore are often compared as two of the world’s leading business and financial hubs in Asia. Despite being similar in many ways, they have their unique strengths and challenges.
In recent news, Hong Kong’s Financial Secretary, Paul Chan, highlighted the city’s ‘perfect’ liveability and low taxes, and called for the facilitation of more global firms to the city. Meanwhile, Singapore Law and Home Affairs Minister, K. Shanmugam, expressed that the rivalry between the two cities is “hyped up,” and emphasized that each city has its own unique strengths.
Both cities have always been rivals and there has been a constant comparison made between them. Some have pointed out Singapore’s strengths such as having a strong economy, a stable political situation, and a clean image. Meanwhile, Hong Kong is known for its low tax environment, high level of freedom, and mainland China as a gateway to the Asia market.
When it comes to liveability, Hong Kong is considered one of the most liveable cities in the world. The city boasts excellent public transportation, healthcare, and public safety, among other key factors that contribute to its high quality of life. The city’s low tax environment also makes it an attractive destination for foreign companies to establish themselves.
On the other hand, Singapore ranks high in terms of safety, stability, and cleanliness. The city-state has been rated as having one of the highest standards of living, alongside a world-renowned education system and excellent healthcare. The fact that it is smaller in area also means that it is easier to navigate and has a lower cost of living than Hong Kong.
As both cities continue to face off, they also share a mutual success story. Minister Shanmugam has pointed out that the two cities have always benefited from each other’s growth, especially in the areas of business and trade. Hong Kong was one of Singapore’s top trading partners, and vice versa. Hence, any economic growth will have a positive impact on each other.
However, it would be unfair to say that the two cities do not face their own unique challenges. Hong Kong, for instance, has been battling political turmoil in recent years, with protests and civil unrest dominating the headlines. Meanwhile, Singapore has been grappling with issues related to an ageing population and a high cost of living.
Looking forward, there is no doubt that the rivalry and comparisons between the two business hubs will continue. Nevertheless, both cities provide attractive propositions for foreign investors.
The Financial Times recently commented that Singapore was facing down Hong Kong in a battle of Asian hubs. It talked about how the city’s efforts in attracting foreign companies to Singapore had paid off, especially in areas such as fintech. Hong Kong, on the other hand, had faced mounting pressure from multinational corporations to publicly take a stand on political issues arising from the ongoing protests.
The bottom line is that both cities have their own unique strengths and challenges. Singapore may have a more stable political situation and a cleaner environment, but Hong Kong’s low taxes and greater openness to foreign companies are also attractive propositions. Ultimately, it is up to individual companies to weigh these factors and decide where they want to establish themselves.
