Hong Kong’s losses may be Singapore’s gain, new survey shows

As the rivals compete to be Asia’s top financial hub, fallout from protests in Hong Kong is seen as helping Singapore.

Published by Al Jazeera English, Sept. 13, 2019

By Tom Benner

Singapore – Business confidence in Hong Kong is being hurt by ongoing protests in the Chinese city, and Singapore – Hong Kong’s long-time rival – stands to become Asia’s leading financial hub and is likely to see economic gains as a result.

That’s the finding of a survey by the American Chamber of Commerce in Singapore released this week. But analysts say it’s too soon to write Hong Kong off as an important Asian business centre.

Enormous and sometimes violent protests, now in their 14th week, have at times paralysed Hong Kong’s streets, mass transit system and airport. That is prompting employers in sectors such as banking, financial services, and hospitality to weigh the costs of doing business in that city and to consider relocation to other Asian cities, business analysts say. Continue reading …

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