- Hong Kong has lost ground to regional rival Singapore in recent weeks, according to an FT analysis of real estate prices, air traffic and other indicators.
- Singapore has made gains in air traffic, with arrivals now reaching 70% of pre-pandemic levels compared to just over 50% in Hong Kong.
- Singapore has seen an influx of foreign currency deposits and an increase in family offices, while Hong Kong has seen deposits dwindle.
- Chinese leader Xi Jinping’s clampdown on technology entrepreneurs has heightened Singapore’s attraction as a destination.
- Hong Kong still leads in financial fundamentals.
Financial Times — Economy — International Competition — Real Estate Prices — Air Traffic — Financial Centre
How Singapore stacks up against Hong Kong in battle of Asia hubs
As Hong Kong reopens, Singapore's foreign currency deposits have increased while Hong Kong's have decreased. Singapore has seen an influx of wealthy elites and their funds while Hong Kong still leads in financial fundamentals.