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https://www.cnbc.com/2022/05/27/people-are-leaving-hong-kong-and-here-is-where-they-are-going.html
“Everyone’s going to Singapore,” said Pei, especially those working in finance, law and recruitment, she said.
Kay Kutt, CEO of the Hong-Kong based relocation company Silk Relo, agreed, saying people are attracted to the ease of business, family friendliness, tax incentives and open borders of Singapore.
In its 40-year existence, the past three years have been the busiest years on record for Silk Relo’s sister moving company, Asian Tigers, she said.
“We cannot keep up with the capacity,” she said. “We don’t have enough people to serve what’s going on in the marketplace.”
Families are transferring to Singapore, she said, but small- and medium-sized businesses are also on the move. Whereas one company executive might have left in the past, now “they’re all going,” she said. Small companies are “taking the entire team and putting them into Singapore.”
Large companies are also relocating to Singapore, said Cynthia Ang, an executive director at the recruitment firm Kerry Consulting. She cited L’Oreal, Moet Hennessy and VF Corporation — the latter which owns brands such as Timberland and North Face — as examples, while noting there are more who haven’t made their decisions public yet.
“We get more calls from our clients who are … sharing with us that they’re going to move the entire Asia Pacific office into Singapore,” she said.
Other companies are staying in Hong Kong, but downsizing their offices, and moving regional headquarters to Singapore, said Ang.
Australian Krystle Edwards said she’s lived in Hong Kong for 12 years and wants to stay, but she and her husband are going to decide whether to leave by September.
“If the situation looks like 2023 is going to be more of the same in Hong Kong — hotel quarantine restrictions, all that sort of stuff — we’re moving to Singapore,” she said.
“It gets to a point where it’s just too much.”
Moving to Singapore
Most people leaving, said Pei, are headed to same place: Singapore.“Everyone’s going to Singapore,” said Pei, especially those working in finance, law and recruitment, she said.
Kay Kutt, CEO of the Hong-Kong based relocation company Silk Relo, agreed, saying people are attracted to the ease of business, family friendliness, tax incentives and open borders of Singapore.
In its 40-year existence, the past three years have been the busiest years on record for Silk Relo’s sister moving company, Asian Tigers, she said.
“We cannot keep up with the capacity,” she said. “We don’t have enough people to serve what’s going on in the marketplace.”
Families are transferring to Singapore, she said, but small- and medium-sized businesses are also on the move. Whereas one company executive might have left in the past, now “they’re all going,” she said. Small companies are “taking the entire team and putting them into Singapore.”
Large companies are also relocating to Singapore, said Cynthia Ang, an executive director at the recruitment firm Kerry Consulting. She cited L’Oreal, Moet Hennessy and VF Corporation — the latter which owns brands such as Timberland and North Face — as examples, while noting there are more who haven’t made their decisions public yet.
“We get more calls from our clients who are … sharing with us that they’re going to move the entire Asia Pacific office into Singapore,” she said.
Other companies are staying in Hong Kong, but downsizing their offices, and moving regional headquarters to Singapore, said Ang.
Australian Krystle Edwards said she’s lived in Hong Kong for 12 years and wants to stay, but she and her husband are going to decide whether to leave by September.
“If the situation looks like 2023 is going to be more of the same in Hong Kong — hotel quarantine restrictions, all that sort of stuff — we’re moving to Singapore,” she said.
“It gets to a point where it’s just too much.”
